Canola futures took back some of the day’s heaviest losses but still ended weaker on Tuesday, unable to fend off weakness in world vegoil markets.
Malaysian palm oil led the way down, with the market reportedly hit with a wave of profit taking. The losses in palm oil also sent Chicago soybeans and soybean oil futures lower, with canola caught in the selling. European rapeseed was weaker as well, although crude oil managed small gains.
Canola did not trade on Monday in observance of Remembrance Day.
January canola dropped $6.70 to $658.40, and March was down $6.80 at $671.10.
