ICE Canadian canola futures fell for a fourth straight session on Wednesday, with the front three months recording life-of-contract lows on technical selling coupled with poor export prospects and ample domestic supplies, traders said.
China has been absent from the market and traders fear that a US-China trade pact could limit Chinese demand for Canadian agricultural products. March canola settled down $1.90 at $465.70 per tonne after setting a contract low at $464.60. Most-active May canola ended down $1.60 at $473.20 per tonne after dipping to $472.00.
March-May canola spread traded 2,752 times between $6.20 and $7.90, premium May and settled at $7.50. Chicago May soyabeans settled down 1/4 US cent at US$9.16-3/4 a bushel as traders parsed comments from a US official who said that purchase promises were not enough to solve the US-China trade dispute.
Paris Matif May rapeseed futures rose 0.35 percent while Malaysian May palm oil futures fell 2.34 percent. The Canadian dollar was trading at $1.3148 to the US dollar, or 76.06 US cents at 2:49 p.m. CST (2049 GMT).