WINNIPEG, (Manitoba): ICE canola futures fell sharply on Wednesday, halting an 8-day winning streak, on long liquidation and thoughts that supplies were larger than previously thought.
Old-crop canola bore the selling brunt, after the US Department of Agriculture (USDA) on Tuesday pegged Canadian canola ending stocks at 1.2 million tonnes, sharply higher than the Canadian government estimate of 700,000 tonnes, a broker said.
Most-active May canola lost $19.50 or 2.4% to $776.70 per tonne.
May-July canola spread traded 4,054 times. US soybean futures also fell after monthly USDA forecasts failed to offer fresh bullish news.
Euronext May rapeseed futures fell and Malaysian May palm oil futures gained ground, as prices were helped by lower inventories and production.