Canola futures posted double-digit losses on Tuesday in the wake of major losses in Chicago soybean oil.
The losses in soyoil, which also dragged down soybeans, was attributed to weak demand from the renewable diesel industry amid keen competition from used cooking oil. Losses in crude oil added to the pressure on canola.
Canola has been unable to build on last week’s rally, with the market retracing most of its gains from the mid-April low.
July canola fell $15 to $618, November was down $14.10 at $635, and January dropped $13.30 to $643.80.
