WINNIPEG, (Manitoba): ICE canola futures plunged to their lowest level in more than a month on Thursday, as a sell-off in US wheat and soy spilled over. The spill-over pressure from other weaker markets triggered technical selling in canola and furthered losses, a broker said. Higher-than-expected Canadian stocks, reported the previous day, added pressure, he said.
November canola lost $28.80 to settle at $852.70 per tonne. It touched the lowest price for a most-active contract since Aug. 3. In the Canadian province of Saskatchewan, 31% of canola was harvested as of Monday, the provincial government said. November-January canola spread traded 7,027 times.
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