Canola futures closed weaker on Tuesday, seeing follow-through selling after Monday’s declines as activity in outside markets continued to weigh on values.
Ongoing global economic uncertainty accounted for continued selling pressure in crude oil, which spilled into world vegetable oil markets. Chicago soyoil and European rapeseed futures were both weaker, contributing to the softer tone in canola.
Relatively favourable Prairie crop conditions also weighed on values, although enough areas of concern persist to keep some caution in the futures especially as many fields are thought to be at least two weeks behind normal in their development.
November canola dropped $23 to $813.30, January fell $23.10 to $822.30, and March lost $24.60 to $827.30.
Source: DePutter Publishing Ltd.
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