WINNIPEG, (Manitoba): ICE canola futures fell on Friday for the third straight day, dragged lower by weakness in other oilseeds.
Speculators holding long canola positions are moving to the sidelines ahead of a US Department of Agriculture report next week, a broker said. Canadian farmers continue to hold onto their new harvest, however, keeping canola supplies tight and underpinning prices, the broker said.
Most-active January canola gave up $4.80 to $973.90 per tonne. January-March canola spread traded 2,207 times.
US soybean futures fell due to harvest activity and strong planting progress in South America that may open up export competition by mid-January.
Euronext February rapeseed futures and Malaysian January palm oil futures dipped. Whereas, ICE canola futures dropped on Thursday, pressured by profit-taking and a sell-off in soyaoil.
Speculators have built a long canola position based on technical strength and used the downturn to trim their holdings, a trader said.
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