Canola futures fell for the second straight day on Tuesday.
Declines in Chicago soybeans and soybean oil pressured the Canadian market, as did declines in European rapeseed and palm oil. Crude oil was weaker on the day as well.
A Reuters report today said trade volume in canola remains relatively light following last week’s announcement from China of a prohibitive anti-dumping duty on imports of Canadian canola.
Yesterday it was reported that China had made a purchase of Australian canola for the first time since 2020.
November canola fell $5.70 to $646, and January was down $5.80 at $657.50.
