US soybean futures hit a 13 month low overnight weighing heavily on global oilseed prices.
Canola futures at the ICE could not crawl out from under the weight of soybeans even with projections of an exceptionally 2018 tight global balance sheet developing for canola and rapeseed.
The nearby ICE canola contract closed C$3.60 / tonne lower on the night. Paris rapeseed futures followed suite and also closed lower shedding €1.50 across all contract out to May 18 seeing the Feb 18 contract close at €363.50 / tonne.
Canola appears to be caught up in the increasingly bearish soybean market in the short term, whether or not it can fend off its influence as the Canadian crop production prospects become better known in July / August is yet to be seen.

Heavy frosts have damaged some fields in Saskatchewan raising speculation that winter cereals and canola estimates may be too high. Excessive rain is also likely to see up to 600ha of Saskatchewan farm land remain un-seeded in 2017. The main issues do not appear to be in the southern regions, the durum belt, they are more likely to be impacting on the canola regions in the north where planting progress is well behind the average 65% for this time of year and was estimated to be at only 25% earlier this week.