Canola futures fell on Tuesday, with the July contract retreating further below the $700/tonne level.
Sharp losses in Chicago soybean oil helped to pressure today. Soybeans were also lower on the day, but soymeal did manage a higher close. European rapeseed, palm oil, and crude also lost ground, weighing on canola.
Reports today also said Chinese demand for canola oil and meal has slowed after importers rushed in supplies ahead of the 100% tariffs Beijing imposed on March 20.
July canola fell $9.40 to $687, and November dropped $10.50 to $650.40.
