Canola futures closed lower on Tuesday as another sharp decline in crude oil weighed on the vegetable oil complex.
Falling energy prices reduced support tied to biofuel demand and also pressured European rapeseed and Chicago soyoil. Gains in Chicago soybeans and soymeal, along with a slightly weaker Canadian dollar, helped limit the losses, but were not enough to offset pressure from crude oil and weaker competing vegetable oils.
July canola lost $3.20 to settle at $748.90 per tonne, while November fell $6.50 to $753.90.
