ICE Canadian canola futures sank on Thursday for a third straight session, touching a two-week low, on spillover pressure from sagging US crop prices as a cooler, wetter Midwest forecast looked helpful for crops. Canola's recent selloff helped correct an earlier price runup that was overdone, a trader said.
Hot temperatures stressed Saskatchewan crops, the provincial government said; 62 percent of oilseeds at normal development stage. November canola lost $11.50 to $502.50 per tonne. November-January canola spread traded 1,167 times. Chicago August soyabeans fell on technical selling and forecasts for less-threatening US Midwest weather. NYSE MATIF August rapeseed and Malaysian August palm oil slid. The Canadian dollar was trading at $1.2732 to the US dollar, or 78.54 US cents at 2:39 pm CDT (1939 GMT).
Comments
Comments are closed.