ICE canola futures drop

WINNIPEG: ICE canola futures dropped on Tuesday to a seven-week low, pressured by technical selling and weakness in European rapeseed prices.

Selling reflected canola’s technical weakness as well as risks that rains pushing across Argentina and Brazil are boosting the soybean crop, a trader said. March canola shed $11.20 to $964 per tonne, touching the lowest price for a most-active contract since Nov. 30. The contract fell for a seventh straight session, the longest skid since June. March-May canola spread traded 2,977 times. Euronext may rapeseed futures also fell, continuing to retreat from recent record peaks. U.S. soybean futures dropped, pressured by forecasts for much-needed rain in key South American growing areas.