Canola futures ended with double-digit on Tuesday, pressured by weakness in Chicago soybeans and soyoil, as well as profit taking after recent gains.
Soybean and soybean oil futures both finished in negative territory, reducing support for canola and encouraging traders to trim positions in the Canadian oilseed market. European rapeseed was also weaker, while palm oil managed gains.
Higher crude oil prices helped limit the decline but were not enough to overcome the weakness in competing vegetable oils. Crude extended Monday’s advance as renewed U.S.-Iran hostilities and reduced shipping traffic through the Strait of Hormuz raised concerns about tightening global energy supplies.
Alternating periods of sunshine and rain are expected across Western Canada over the next week or so.
November canola lost $15.60 to $773.40, and January was down $14.60 at 783.70.
