WINNIPEG: ICE canola futures dropped on Friday, pressured by plunging crude oil prices and commercial hedges.
Canadian farmers, who have been seen as hesitant to sell their harvest, may have accelerated sales this week as canola prices dipped and raised concerns of further losses, a broker said.
Canola’s losses were surprising since oilseed rivals soyabeans and rapeseed posted gains.
January canola gave up $4.60 to settle at $857.10 per tonne, falling for the third straight session. March-May canola spread, the most active inter-month spread, traded 5,040 times.
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