CHICAGO: ICE Canada canola futures fell on Thursday in a bout of technical selling, with the front-month contract hitting its lowest in more than two years. Canola futures have fallen in six of the past seven sessions.

There has been some hedging-related pressure from commercial traders as farmers that have been holding crops in storage bins since the 2022 harvest sold some of those grains.

July canola dropped $11.20 to settle at $702.90 per tonne while new crop November canola, the most-actively traded contract, dropped $9.90 to $676.00 a tonne. Both contracts found support above the lower-end of their 20-day Bollinger ranges.

The July contract bottomed out at $700.30 a tonne, the lowest on a continuous basis for the front-month contract since Feb. 11, 2021. July-November canola spread, the most active inter-month spread, traded 10,510 times.

Chicago Board of Trade soybean futures dropped 3-3/4 cents to $13.33-1/4 a bushel. Euronext August rapeseed futures gained 1.6%.