Canola futures ended modestly lower on Tuesday, pressured by declines in crude oil and strength in the Canadian dollar.
Crude prices moved lower amid the possibility of renewed U.S. and Iran talks aimed at ending their Middle East conflict. The June U.S. crude oil future was trading below $90/barrel this afternoon. The drop in oil weighed on the broader vegetable oil complex, including canola, given its link to biofuel demand. At the same time, a firmer Canadian dollar added additional pressure by making Canadian exports less competitive on the global market.
May canola fell $1.20 to $704.10, and November eased 80 cents to $717.
