WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued to fall back at mid-session Monday, pulled down by weakness in crude oil.
The latter was down by nearly 5% following the United States and Iran agreeing to a peace deal on Sunday. The spillover weighed heavily on Chicago soyoil, European rapeseed and canola, but Malaysian palm oil was relatively steady.
An analyst said the movement in the commodity and futures markets was largely based on the "spin" being put on the agreement.
"It's being driven by the headlines," the analyst said, noting the Middle East situation could change before the deal is signed on Friday.
Prairie temperatures were forecast to be in the low- to mid-20 degrees Celsius today, with some showers in the eastern half of the region. More rain is expected for the Prairies over the next few days.
