Canola futures closed mixed on Tuesday with weakness in competing oilseed markets a negative factor amid crude oil strength.
Earlier losses in canola were blunted by a sharp late-session rebound in crude oil driven by renewed uncertainty surrounding Middle East tensions and stalled peace negotiations.
Meanwhile, excessive rainfall across parts of Alberta is creating a mixed outlook for producers. A CBC report said the moisture is helping improve soil conditions in some previously dry areas, but persistent rains are also delaying fieldwork and leaving some farmers unable to complete seeding. Parts of central Alberta have already received significant precipitation totals, raising concerns about planting delays and field accessibility if wet conditions continue, the report said.
July was up $1.50 at $778.10, and November fell $4.50 to $781.80.
