CHICAGO: ICE Canada canola futures fell on Wednesday on a round of selling by speculative investors, traders said.
Sharp declines in soybean futures spilled over into the canola market. July canola dropped $15.10 to settle at $714.10 per tonne. The contract dropped below its 10-day and 20-day moving averages.
New crop November canola shed $13.10 to $685.90 a ton, giving up early gains after hitting resistance at its 10-day moving average. July-November canola spread, the most active inter-month spread, traded 8,048 times.
Chicago Board of Trade soybean futures sank 2.0% to hit a 10-month low, with concerns about export demand for US supplies and good Midwest growing weather weighing on prices. Euronext August rapeseed futures dropped 2.4%.
Comments
Comments are closed.