WINNIPEG, (Manitoba): ICE canola futures fell on Wednesday to contract lows, pressured by technical selling and a drop in crude prices.
Grains and oilseed prices were “caught in the crossfire” from disappointing Chinese manufacturing data, and the selling added to technical weakness, a trader said.
Most-active November canola lost $3.30 to settle at $624.80 per tonne. July-November canola spread, the most active inter-month spread, traded 9,251 times.
In the Canadian province of Manitoba, overall seeding is about 87% complete, slightly behind the 5-year average of 91%, the provincial government said on Tuesday.
US corn futures fell as macroeconomic concerns fed worries about demand for commodities, but the market pared losses as traders focused on weather risks to Midwest crops. Euronext August rapeseed futures rose.
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