Winnipeg, MANITOBA--Canola futures on the Intercontinental Exchange were weaker mid-session Monday, as crude oil prices fell back on hopes for a peace between Iran and the U.S.
That also weighed on European rapeseed, while Malaysian palm oil held relatively steady. U.S. markets were closed for the Memorial Day holiday.
An analyst said that according to the charts "the highs are in" for canola, as well as soybeans, corn and wheat. The analyst said now would be a good time for farmers to sell the last of their old crop canola, especially since it is unlikely China will buy a lot of the Canadian oilseed at current prices.
As for the new crop, the analyst said seeding progress was still lagging. Barring any major issues with the crop, he noted there isn't much to support it, aside from domestic demand.
The Canadian dollar nudged up late Monday morning, reaching 72.46 U.S. cents compared with Friday's close of 72.42.
