WINNIPEG, (Manitoba): ICE canola futures fell on Tuesday for the fifth straight session and touched a four-month low, weighed down by weak technical indicators and soyabean oil prices.
Demand for canola is lacking, adding to canola’s slide, a trader said. March canola lost $10 to settle at $796.70 per tonne. March-May canola spread, the most active inter-month spread, traded 6,039 times.
While US soyaoil and crude oil fell, Chicago wheat and corn rose as market participants assessed rain prospects in parched Argentina and US crop belts. Soyabeans eased. Euronext May rapeseed futures rose modestly.
Germany’s government is considering proposals to phase out the use of biofuels produced from food or animal feed crops by 2030, the German biofuels industry association said.
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