CHICAGO: ICE Canada canola futures fell for the ninth straight trading session on Wednesday, with prices remaining near their lowest since June 2021 as investors waited for signs of new demand.
Traders said that commercial hedging also added pressure on the market. Farmers were selling canola they have been holding in storage bins to guard against further market declines.
The benchmark May canola contract fell $6.60 to $751.00 per tonne. Prices for the May contract bottomed out at $742.70. On a continuous basis, that was the lowest for the most-active canola futures contract since June 28, 2021.
New-crop November canola dropped $6.50 to settle at $729.40. The May-July spread traded 8,078 times and the July-November spread traded 4,696 times.
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