Canola futures ended mixed on Tuesday, with sharp losses in the most active front months and a firmer tone in the lightly-traded new crop contracts.
Chart-based selling was a feature as speculators continued to book profits on their large long positions. Improving crop prospects for soybeans in South America and resulting declines in the Chicago futures also weighed on the Canadian oilseed. However, gains in soyoil and crude oil provided some underlying support.
Canada's tight supply situation remained another supportive influence, although the need to ration demand is thought to be well priced into the market for the time being.
March canola fell $11.20 to $964, May was down $8.50 at $951.90 and new-crop November was up 90 cents at $794.50.
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