ICE Canadian canola futures dipped on Friday, with the nearby contract pressured by technical selling. The front-month July contract slipped below its 50-day moving average, triggering selling by funds which hold a large long position, a trader said. The weakness in July canola spilled to the deferred months. July canola lost $3.80 to $530.30 per tonne.
New-crop November canola gave up $1 at $523 per tonne. The July-November canola spread traded a brisk 9,576 times. Chicago Board of Trade July soyabeans gained on technical buying.
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