Canola futures suffered heavy losses for the second straight day on Tuesday amid more weakness in crude oil and Chicago soybean oil.
Crude remained pointed lower today amid a tentative ceasefire between Israel and Iran. Soybeans also fell on the day, as did European rapeseed and palm oil. Much-needed weekend rainfall in parts of Western Canada continued to pressure canola as well, with forecasts calling for additional amounts over the next 10 days, which should be beneficial for crop development. “Overall, crop conditions in the Prairies have improved and will continue to improve following the recent rain event,” World Weather said.
November canola dropped $18.80 to $706.20, and January was down $17.60 at $714.60.
