Canola futures closed lower on Tuesday amid broad weakness in the Chicago crop markets.
Corn, wheat, and soybean futures all finished lower as the market awaits the release of key USDA grain stocks and acreage reports due out on Thursday. Soybean meal and soyoil both ended down on the day as well. Losses in crude oil were a bearish influence too, although the Canadian dollar was weaker.
Despite the losses today, tightening world supplies of vegetable oils have been supportive for canola, after the market eroded lower throughout much of the winter.
May canola fell $11.20 to $638.50, July dropped $11.40 to $648, and November was $10.40 lower at $655.60.
