Frost hit a wide swath of Saskatchewan and Alberta this morning, but traders believe the crop is past the point where it will do much damage.
The market instead took its cue from the Chicago soy oil market, which fell on weaker prices for competing palm oil.
Influential palm analyst Dorab Mistry, head of vegetable oil purchasing at India’s Godrej International, said palm prices would need to be lower to attract demand.
The Canadian dollar strengthened a little on Monday. At noon, $1 Cdn equalled $1.0861 US, down from 1.0915 Sept. 25.
Also weighing on the market was harvest pressure and expectations that Statistics Canada will increase its estimate of the canola crop when it reports on Oct. 2.
The November contract settled at $382.80 per tonne, down from $386.40 on Friday. January settled at $388.10.
