Canola was a standout crop in 2016, with prices appreciated over 2015 levels. But the golden flowered oilseed crop may be starting to lose some of its lustre.
Victorian prices have fallen about $20 a tonne in the past month as global oilseed prices decline. Geelong canola bids are below $520 port for the first time since last September.
US grain markets tumbled last week, ahead of key reports expected to show large corn and soybean plantings and historically heavy stocks.
Victorian grain farmers received some patchy rain out of a storm front that moved through last week, but more is needed.
The Mallee recorded 10-30mm, while the Wimmera registered 5-25mm. Totals were more through the north-east, with Shepparton, Yarrawonga and Benalla receiving about 25mm.
