Canola Contracts Weaken on Tuesday Amid Soybean and Soyoil Losses

ICE Futures canola contracts weakened on Tuesday, reversing Monday's gains as losses in Chicago soybeans and soyoil spilled over to weigh on values.

The November contract fell back below its 20-day moving average, with a price drop of C$13.90 per tonne to C$781.00 at the close.

Crop conditions remain relatively favourable across Western Canada, with moderate temperatures and scattered showers forecast for most of the region over the next week.

The uncertainty surrounding negotiations to reopen the Strait of Hormuz kept some caution in the markets, but crude oil prices were slightly firmer.