ICE canola sags on favorable crop prospects, soft demand
All figures in Canadian dollars unless noted
July 12 (Reuters) -ICE canola futures ended lower on Friday, pressured by benign crop weather that favored Canadian production prospects as well as sluggish export demand for the oilseed, traders said.
Most-active November canola RSX4 settled down $3.50 at $618.70 per metric ton but stayed inside of Thursday's trading range.
The November-January canola spread RSX4-F5 weakened, with the November contract widening its discount to the January contract to $9.40, from $8.90 a day earlier.
Farmer sales of canola have slowed since last week, when canola futures touched a one-month high, one trader said.
Declines in rival vegetable oil markets added to bearish sentiment on Friday. On the Chicago Board of Trade (CBOT), November soybeans SX24 fell 2-1/2 U.S. cents to end at US$10.65-1/4 a bushel after dipping to US$10.59-1/2, the lowest on a continuous chart of the most-active soybean contract Sv1 since November 2020. GRA/
Euronext August rapeseed futures COMQ4 fell 0.42% while Malaysian palm oil FCPOc3 markets ended down 0.51%. POI/
Reporting by Julie Ingwersen in Chicago; Editing by Maju Samuel
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
