ICE Canadian canola futures dipped on Tuesday for a second straight day, pressured by weak prices of rival vegetable oils. Chicago soyaoil futures slumped and Malaysian February palm oil futures fell 2%. January canola lost $2.20 to $457.20 per tonne. January-March canola spread traded 4,499 times.

CN Rail and a union reached a deal to end Canada's biggest rail strike in a decade, smoothing transport of canola and other commodities. US soybean futures fell to their lowest level in more than two months on a mix of technical selling and export competition from South American supplies.