Canadian canola futures weaker

ICE Canadian canola futures weakened on Monday after four straight days of gains. Traders said commercial hedging pressured prices after farmers booked some cash market sales.

Crusher demand remained strong but weakness in the export program weighed on the market. Most-active March canola fell $1.10 to $482.90 per tonne. March-May canola spread traded 2,128 times, with the May contract gaining 20 cents on the March. Support for the March contract was noted at its 10-day moving average.

US soyabean futures drifted lower on Monday on favorable crop weather in South America. The most-active March contract shed 3-3/4 cents to close at $9.42-1/4 a bushel.