ICE Canadian canola futures dipped on Monday, pulled lower by beneficial weekend rains in Western Canada and weakness in soybeans. Western Canada received showers during the weekend, but not enough to remedy dry conditions. Dryness is also hurting Australia's crop. Forecaster ABARES cut canola output forecast to 2.97 million tonnes from 3.26 million. July canola lost $2.50 at $482.70 per tonne.
Most-active November canola dippeed $3.30 to $479.90 per tonne July-November spread traded 2,748 times. Chicago July soybeans dropped on weakness in soymeal and soyoil. Malaysian August palm oil and NYSE Liffe Paris August rapeseed fell. The Canadian dollar was trading at $1.2299, or 81.31 US cents at 12:45 pm CDT (1745 GMT), higher than the Bank of Canada's official close on Friday of $1.2311, or 81.23 US cents.