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WINNIPEG, (Manitoba): ICE canola futures fell 2.9% to a four-week low on Thursday, sagging with weaker agriculture markets and as canola crushers paused buying.
Crusher demand is satisfied for the first quarter and part of the second, resulting in weaker nearby months, a trader said.
March canola lost $29.90 to $984.80 per tonne.
The contract slipped below its 50-day moving average for the first time in nearly four months. March-May canola spread traded 6,071 times. Euronext May rapeseed futures led canola lower, continuing a pullback from Friday’s record price.
US corn and soybean futures tumbled on expectations that rains forecast for dry crop-growing areas of South America may limit harvest losses.