Canola Futures Decline Amid Harvest Pressure

ICE Canola futures lost ground on Monday despite losses in comparable oils improving. The Chicago soy complex, however, overcame earlier losses to close relatively steady due to the spillover from crude oil rising sharply following US-Iran tensions.

An analyst attributed canola's decline to profit-taking and pressure from the impending harvest, which is expected to be aided by Prairie temperatures dropping to the low 20s Celsius over the next few days. Much of Saskatchewan and western Manitoba received rain on Monday.

The November contract held above its major moving averages despite losing $10.50 per tonne, while the Canadian dollar strengthened with the loonie rising to 72.17 US cents compared to Friday's close of 72.00.