Canola Prices Fall Amid Crude Oil, Soybean Declines
ICE Canola futures continued to fall back on Tuesday morning, losing some of their gains from Monday. Analysts point to losses in crude oil and Chicago soybeans as contributing factors to the decline in canola prices.
The analyst also suggested that technical selloffs may be playing a role in the market's downturn. Additionally, European rapeseed and Malaysian palm oil prices were down, adding to the pressure on canola.
Weather conditions are expected to remain cooperative for field work, with highs forecasted in the mid-teens to low 20s Celsius across the Prairies, although rain is predicted to start Wednesday in southern Manitoba and later in the week for other parts of the region.
The Canadian dollar was also lower on Tuesday morning, trading at 71.08 U.S. cents compared to Monday's close of 71.32.