Canola futures ended lower for the second straight day on Tuesday as the Chicago soy complex posted further losses.
The soy complex was battered on Monday by promising US crop prospects and the market fell again today, even as corn and wheat futures stabilized. Hefty losses in European rapeseed and palm further undermined canola.
Temperatures across the Prairies have heated up, which should aid lagging crop development caused by an extended bout of cool, wet conditions. However, the heat and dryness could lead to some crop stress in the southwestern Prairie where current conditions are relatively drier.
November canola was down $16.10 at $632.30, and January fell $16.60 to $641.60.
