WINNIPEG: ICE Canadian canola futures dipped on Tuesday in a pullback from recent two-year highs.
Weakness in canola and soyabeans was "corrective selling," a trader said. Harvest pressure may soon accelerate as Canadian farmers sell the new crop, but lower than expected yields could limit price declines, the trader said.
November canola lost $2.40 to $520.90 per tonne. Earlier, it touched a fresh two-year high at $524. November-January canola spread traded 5,072 times.
US soyabean futures fell as traders booked profits and forecasts called for favorable weather for the start of the Midwest harvest.