Canola futures suffered steep losses on Tuesday, falling for the first in four sessions.
Profit taking weighed on canola after the recent gains, which took the November contract to above $830/tonne. Sharp declines in Chicago soybean oil and losses in European rapeseed were also negative for canola, although palm oil did move higher. U.S. crude oil and gasoline prices extended Monday’s sharp rally and posted 3-week highs as the U.S. and Iran remain deadlocked over control of the Strait of Hormuz, limiting crude supplies from the Middle East.
November canola dropped $21.50 to $805.90, and January lost $21.40 to $814.90.
