Canola futures fell for the third straight day on Tuesday amid sharp losses in Chicago soybeans.
Weakness in European rapeseed and palm also weighed on canola. Soybeans were pushed lower by favourable Midwest weather forecasts and increasing potential for a big US soy crop this year.
According to World Weather Inc., showers and thunderstorms are expected across the Prairies through the weekend, although any rainfall is likely to provide just limited relief in the driest areas. Some showers are possible again next week, before the outlook turns drier again. Any cooler temperatures next week are expected to be confined to Manitoba and Saskatchewan.
November canola dropped $17.20 to $617.70, and January was down $18.30 at $625.
