CHICAGO: ICE canola futures dropped on Tuesday, dragged down by a selloff in crude oil and soybeans after rising COVID-19 cases in China fanned fears about economic damage.

China posted a steep jump in daily infections, with new cases more than doubling from a day earlier to hit a two-year high.

Speculator selling of the May canola contract to move positions forward added to pressure, while new-crop contracts gained ground on concerns about Canadian Prairie growing conditions, a trader said. Most-active May canola lost $2.50 to $1,119.70 per tonne. May-July canola spread traded 4,490 times.