WINNIPEG, (Manitoba): ICE canola futures dipped on Wednesday, pressured by weaker crude and soybean oil prices.
Canola’s losses were pared by strong commercial buying and a slow pace of selling by Canadian farmers, who are busy seeding crops, a trader said.
July canola lost $3.40 to settle at $734.70 per tonne. July-November canola spread, the most active inter-month spread, traded 7,327 times.
US soybean futures fell under pressure from weakness in crude as well as a fast pace of planting in the US Midwest.
Euronext August rapeseed futures edged higher. India’s oilseed growers have urged the government to raise the import tax on palm oil, the most widely used vegetable oil, to help support thousands of local farmers reeling from a crash in domestic rapeseed prices.
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