WINNIPEG, (Manitoba): ICE canola futures dipped on Friday on modest profit-taking after a week of big price swings. Canola's extreme price volatility is making all segments of the oilseed trade, other than funds, wary of holding positions long-term, analyst Wayne Palmer said.
Canola remains technically strong, with funds likely to liquidate long positions if the May contract dips below $765, Palmer said.
May canola slid 40 cents to $801.10 per tonne.
May-July canola spread traded 3,522 times.
US soybean futures last traded narrowly mixed, caught between surging soyoil futures and slowing demand for soymeal.
Euronext May rapeseed futures and Malaysian May palm oil futures climbed. Palm posted its best week in nearly 5-1/2 years, underpinned by tight inventories and strength in rival soyoil.
Comments
Comments are closed for this article.