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From fxstreet.com: Grain and oilseed futures at ICE Futures Canada closed Wednesday's session lower with canola hitting its lowest level since April as the weakness in the Chicago Board Of Trade soy complex sent canola down, brokers said.Canola saw moderate trade with only light intermonth spreading evident.
The total canola volume was estimated at 9,464 contracts, up from Tuesday's 9,046 contracts, including an estimated 1,234 contracts involved in the spread trade.Canola was higher in the overnight session following the firm tone in international vegetable oil markets and ideas that canola was oversold. Canola, however, turned lower early in the North American trading session as the CBOT soy complex plunged to as much as limit losses, traders said. Canola ended moderately lower.
Canola was also undermined by the favorable crop outlook, benign weather forecasts, bearish technical signals and declines in crude oil, traders said. However, canola losses were much smaller than the U.S. soy complex as the Canadian dollar dropped to its lowest level in a year against the U.S. greenback. The lack of farmer selling was also supportive. The canola decline triggered speculative sell orders in the November contract...... Full Article: Source |