Canadian canola futures slide

ICE Canadian canola futures sagged on Thursday, pressured by weakness in palm and soyaoil, and technical selling. Technical sales began when the March contract dipped below $474.10, last week's low, a trader said. It slid below the 50-day moving average for the first time in more than a month.

March canola lost $4.80 to $473.10 per tonne. May-July canola spread traded 2,354 times. US soyabean futures dropped as traders awaited signs of Chinese purchases of US crops in the wake of last week's initial trade agreement. Euronext May rapeseed futures dipped and Malaysian April palm oil futures lost 1.7% on talk of lower Indian demand.