WINNIPEG, (Manitoba): ICE canola futures dropped on Wednesday, caught in a sell-off of oilseeds.
Canola prices have traded more firmly than soybean prices of late, and a re-adjustment factored into canola’s weakness, a trader said, adding that he expects choppy, sideways trading in upcoming sessions.
May canola lost $13.60 to settle at $763.70 per tonne. May-July canola spread, the most active inter-month spread, traded 7,299 times.
Chicago soybeans, wheat and corn fell as the market re-adjusted from a technically oversold position and weather forecasts that showed improved planting conditions in the coming days.
Euronext May rapeseed futures plunged as crude prices faltered and attention turned back to ample supplies of rapeseed in Europe.
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