ICE Canadian canola futures fell on Monday for a third straight session, pressured by a drop in soyaoil and palm oil prices. Selling by Canadian farmers also weighed on the market, which was underpinned by improving crush margins, a trader said.
The nearby contract is technically weak, trading below its 50-day and 100-day moving averages. January canola lost $4.50 to $452.10 per tonne. January-March canola spread traded 4,347 times. Statistics Canada is expected to slightly raise its estimate of canola production on Friday to 19.6 million tonnes, according to the average of a poll of 15 analysts and traders.
Chicago soyabean futures weakened, with traders waiting for concrete signs of progress in trade negotiations between the United States and China. Euronext February rapeseed futures and Malaysian February palm oil futures dipped.
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