ICE canola futures dip on soyoil, palm weakness
- Most-active January canola shed 30 cents to $533.10 per tonne.
- Euronext February rapeseed futures and Malaysian December palm oil futures fell.
- Palm plunged more than 2% on lower exports and weaker crude oil.
WINNIPEG: ICE canola futures dipped on Thursday, pressured by weakness in soyoil and palm.
Soybeans look overbought and long liquidation of that oilseed in the coming days could drag canola down further with it, a Canadian broker said.
Most-active January canola shed 30 cents to $533.10 per tonne.
In the Canadian province of Saskatchewan, 99% of crops are harvested.
November-January canola spread traded 10,145 times in active volume as investors rolled positions forward ahead of the November contract's expiry next month.
Euronext February rapeseed futures and Malaysian December palm oil futures fell.
Palm plunged more than 2% on lower exports and weaker crude oil.
US soybean futures rose as supportive export demand from China outweighed pressure from harvest selling by US farmers.
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