WINNIPEG: ICE canola futures fell on Friday and ended a six-day winning streak, as investors sold off oilseed and grain markets that they had pumped up the day before on fears about supply disruptions in Ukraine and Russia.
The selloff was surprising, and likely driven by speculators, a trader said. The trader added that Canadian farmers briskly sold canola to cash markets yesterday to take advantage of the price jump, adding commercial hedge pressure to futures markets on Friday. Most-active May canola lost $50.80 or 4.8% to $1,001.20 per tonne. It hit technical support around the 100-day moving average.
May-July canola spread traded 3,479 times. U.S. soybean futures slipped from a 9-1/2-year top in the previous session as traders liquidated long positions ahead of the weekend. Euronext may rapeseed futures also fell sharply, in line with canola.
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