CHICAGO: ICE canola futures dipped on Tuesday, dragged lower by weakness in global vegetable oil markets, after prices rallied on Monday.

July canola dropped $1.60 to settle at $729.20 per tonne. The contract found technical support near its 20-day moving average.

July-November canola spread, the most active inter-month spread, traded 6,695 times. Chicago Board of Trade soybean futures tumbled 2.6% to hit their lowest since Oct. 19 on decent Midwest crop weather and strong competition for global export business. Euronext August rapeseed futures dropped 3.5%.