ICE Canadian canola futures closed lower on Wednesday as US agricultural futures stumbled due to a bearish US Department of Agriculture stocks data, traders said. Late canola rally seen spurred by exporter buying, helping nearby month avoid biggest percentage loss in two months on the day's lows. Front-month canola down 6.7 percent for first quarter 2010, down 0.1 percent for March.
Drop leaves May contract below several moving averages, exposing technical weakness that could invite fund selling on Thursday - trader. May canola ended down $3.50 at $380 per tonne; volume 10,424 contracts. Touched fresh one-week intra-day low of $376.90. July down $3.80 at $385.90; volume 7,657 lots. Weaker soya complex, strong Canadian dollar drop canola crush margin to weakest level in months; likely to cool crusher interest - trader.
CBOT May soyabeans ended down 33 US cents at US $9.41 per bushel. CBOT May soyaoil fell 0.36 cent to 38.31 US cents per lb. The Canadian dollar was trading at $1.0153 to the US currency, or 98.49 US cents, at 1:09 pm CDT (1809 GMT), up from Monday's finish at C$1.0195, or 98.09 US cents. Light crude oil futures were up US $1.29 at US $83.66 per barrel.
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