ICE canola futures break lower
All figures in Canadian dollars unless noted
WINNIPEG, Nov 14 (Reuters) -ICE canola futures fell for a third straight session on Thursday, dropping below a moving average that had recently acted as a support level on signs of slowing commercial demand, traders said.
• January canola RSF5 settled down $21.50, or 3.3%, at $627.60 per metric ton, near the day's low of $626. March RSH5 futures fell $20.70 to $640.80.
• The January canola contract breached its 200-day moving average, which a number of canola market analysts follow closely. Prior to Oct. 22, that moving average provided resistance, but had been a line of support since, some traders say. It bounced off a close below that line Nov. 5-6.
* "Technically, charts looked rather toppy," said a trader, also noting soybean weakness.
• Chicago Board of Trade soybean futures Sv1 fell 2% and CBOT soyoil futures BOv1 ended down 1.6% on continued concerns about demand for biodiesel. The incoming U.S. Donald Trump administration could reduce support for biofuels made from vegoils, potentially weakening future demand for soyoil and canola oil within North America, think many in related industries.
• Malaysian palm oil futures FCPOc3 fell 0.5% on general weakness across the vegoils market. Euronext February rapeseed futures COMG5 fell 0.8%. POI/
• The Canadian dollar CAD= fell, leaving it at the weakest levels it has been compared to the US dollar since May 2020. CAD/
Reporting by Ed White; Editing by Mohammed Safi Shamsi
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