ICE Canadian canola futures closed lower on Tuesday as weather continues to suggest a good start for the new crop and spurred selling, traders said. Light farmer selling generated commercial hedge pressure and funds were sellers on market's technical weakness-trader. Higher Canadian dollar weighed down the market early before reversing.
July down $2.60 at $372.80; volume 4,864 lots. Nearing contract low of $371.60. July lower than key moving averages. 14-day RSI is 33, moving closer to normal oversold reading of 30. New-crop November down $3.20 at $378.70; volume 1,613 lots. July/November spread traded 850 times from $5.20 to $6.30, premium November, continuing to widen. CBOT July soyabeans ended down 1-1/2 US cents at US $9.39-1/2 per bushel.
CBOT July soyaoil up 0.06 cent to 37.19 US cents per lb. Canadian dollar was trading at $1.0377 to the US currency, or 96.37 US cents as of 1:04 pm CDT (1804 GMT), down from Monday's close at $1.0337 or 96.74 US cents. Light crude oil futures down 55 US cents at US $69.53 per barrel.
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