WINNIPEG, (Manitoba): ICE canola futures dropped on Monday for the fourth straight session, plunging with European rapeseed. Canola is facing pressure from long investors taking profits by liquidating their front-month positions, a trader and an analyst said.
January canola lost $12.30 to settle at $844.80 per tonne. March-May canola spread, the most active inter-month spread, traded 3,817 times.
Euronext February rapeseed futures also fell, and the European Union’s crop monitor said a warm October had favoured rapeseed development in the main producing countries.