WINNIPEG: ICE canola futures fell for a sixth day as speculators reduced their long positions, and in sympathy with weaker European rapeseed prices. Investors were also factoring in favorable rains in South America for soybeans, a trader said. U.S. markets were closed for the Martin Luther King Jr. holiday. March canola lost $7.70 to $975.20 per tonne in thin trading volume. The contract traded lower than its 50-day and 20-day moving averages.
March-May canola spread traded 788 times. Euronext may rapeseed futures shed 0.8%. Federated Co-operative Limited (FCL) and AGT Food and Ingredients said that they have signed a memorandum of understanding to build a C$360 million ($287.56 million) canola crush facility, the latest in a series of planned expansions to Canadian crush capacity.