WINNIPEG, (Manitoba): ICE canola futures slipped on Wednesday for the seventh straight session, extending their longest losing streak in two years, as favorable rains pulled prices down from all-time highs this month.
Canola is falling toward levels that could trigger technical selling, a broker said. He added that plenty of weather risk remained to underpin the market.
Most-active November canola lost $6 to $691.30 per tonne for the seventh straight day. The most-active canola contract last declined for seven straight sessions in May 2019.
In the Canadian province of Manitoba, widespread rain provided a reprieve from dry conditions, but cold overnight weather this week raises concerns, the provincial government said.
November-January canola spread traded 3,293 times.
Canadian crushers processed 901,911 tonnes of canola in April, down 6% from March, Statistics Canada reported.
US corn futures recovered slightly from a steep sell-off a day earlier, and soybeans were mixed.
Euronext August rapeseed futures dipped and Malaysian August palm oil futures rose. Stinkweed to false flax: oilseeds race to reap biofuel bonanza.
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