WINNIPEG, (Manitoba): ICE canola futures fell on Tuesday for a fifth straight day, weighed down by technical selling, with prices tumbling below key levels.
Concerns about potential reduced Chinese demand also weighed on prices, a trader said. January canola lost $9.70 to settle at $835.10 per tonne.
January canola closed below its 100-day and 50-day moving averages. Canola dipped despite increased prices for rival commodities soyoil and rapeseed. March-May canola spread, the most active inter-month spread, traded 4,083 times.
Chicago Board of Trade grain and soybean futures fell on Tuesday, amid growing concern over a possible US rail strike.