ICE Canadian canola futures fell on Thursday for the fourth time in five sessions and touched a two-week low, pressured by technical selling and vegetable oil weakness. The May contract traded below the 50- and 100-day moving averages, triggering technical selling. Funds sold 3,000 May contracts, leaving them with a net long position of about 9,000, a trader said.
Weakness in palm oil and soyoil weighed on canola. March canola lost $5.10 at $513.20 per tonne. Most-active May canola gave up $6.30 to $517.20 per tonne. March-May canola spread traded 4,003 times. Chicago Board of Trade March soybeans slid on expectations of a big South American soy harvest and an expansion in US plantings. NYSE Liffe May rapeseed and April Malaysian palm oil fell. Palm was pressured by rising output and weak demand.
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