ICE Canadian canola futures dipped on Tuesday, weighed down by weakness in soyabean prices that reflected favourable crop conditions in Argentina. Canola was underpinned by talk of export sales. March contract finished slightly higher than its closely watched 50-day moving average and a dip below that level could trigger technical selling on Wednesday, a trader said.
January canola dropped $5.80 at $511.70 per tonne. Most-active March canola shed $4.60 at $521.10 per tonne. January-March canola spread was the main trading feature, trading 17,342 times as investors rolled positions forward before delivery next month. Chicago January soyabeans lost ground on long liquidation amid welcome rains in Argentina. NYSE Liffe February rapeseed and Malaysian February crude palm oil fell.
Comments
Comments are closed.