WINNIPEG, (Manitoba): ICE canola futures dipped on Friday, pressured by broad weakness in oilseeds and vegetable oils. Canola is showing strength independent of rival oilseeds with some commercials short of the crop, analyst Wayne Palmer said. Drought is expected to sharply curtail Canadian production this year. Statistics Canada will report on the harvest on Monday.
November canola lost $1.40 to $912.70 per tonne. In the Canadian province of Alberta, just 16.6% of canola was in good to excellent condition, the provincial government said. November-January canola spread traded 3,000 times. US soybean futures fell for a second straight session as rains were seen boosting harvest prospects in some dry areas of the Midwest farm belt. Euronext November rapeseed futures and Malaysian October palm oil futures dipped.
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