Canola futures fell for the second day on Tuesday, pressured by steep losses in Chicago soybean oil.
Soybeans managed small gains on the day, supported in part by reports that a top Chinese trade negotiator would be in the US later this week – providing some hope for eventual China export business. However, soyoil was weighed down by continued strong US soybean production prospects.
Palm oil and European rapeseed were lower as well, further undermining canola.
November fell $4.60 to $654.80, and January lost $4.60 to $666.90.
