Canola futures closed weaker on Tuesday, with improving Prairie weather weighing on the market.
Cooler temperatures and much-needed showers are reportedly benefiting at least some crops. World Weather said active weather should continue in the Prairies this week, but warned crop areas farther north may not see much relief. Meanwhile, many areas are still plagued by dryness.
Strength in the Canadian dollar pressured canola as well.
Chicago soybean oil and soybean futures closed lower today, while European rapeseed and palm oil were higher.
November canola fell $4.10 to $690, and January was down $3.70 at $700.20.
