Canola futures closed lower on Tuesday, pressured by declining crude oil prices and weakness in competing oilseed markets.
Losses in Chicago soybeans, European rapeseed and Malaysian palm oil weighed on Canadian prices, although soyoil was higher. Crude oil weakened as traders assessed geopolitical developments involving the U.S. and Iran, adding to the bearish tone across vegetable oil markets.
Canola futures fell to their lowest levels in approximately three months,
Uncertainty surrounding Canada's canola trade relationship with China was a negative factor, particularly as the current tariff arrangement approaches its year-end expiry.
January canola dropped $6.60 to $781.80, and November 2027 lost $7.80 to $773.80.
