Intercontinental Exchange rapeseed futures bucked the broader market trend on Tuesday, showing independent upward momentum following the August long weekend. Trading was suspended on Monday due to a civic holiday.

US Treasury Secretary Scott Bessent told media on Tuesday that he expects a deal between the US and Iran to reopen the Strait of Hormuz to be reached "today or tomorrow." This statement came hours after a cargo ship was attacked near the Omani coast, close to the strait.

Crude oil fell more than $4 per barrel, while Chicago soybean oil and European rapeseed oil both declined. Malaysian palm oil, however, moved higher. In afternoon trading, the Canadian dollar weakened against the US dollar by more than one-tenth of a cent compared to Friday's close.

A total of 68,314 rapeseed contracts changed hands on Tuesday, up from 54,685 contracts traded on Friday. Spread positions accounted for 30,244 of Tuesday's transactions. Settlement prices were quoted in Canadian dollars per metric ton.