Canola futures closed lower for the second straight day on Tuesday, pressured by weakness in outside vegetable oil markets and a modest pullback in crude oil prices, which reduced support for biofuel-linked commodities.
Spillover pressure from Chicago soybean oil futures also weighed on values, as the broader oilseed complex struggled to sustain recent gains. At the same time, improving moisture in parts of the Canadian Prairies and generally favourable South American crop prospects added to the bearish tone, reinforcing expectations for adequate global oilseed supplies.
May canola fell $7.20 to $719.40, and November lost $5.10 to $727.60.
