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ICE canola sets contract lows on technical selling, lack of demand



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All figures in Canadian dollars unless noted

Aug 16 (Reuters) -ICE canola futures tumbled to contract lows on Friday on technical selling and a lack of fresh demand, traders said.

  • November canola RSX4 closed down $13.70, or about 2.4%, at $564.10 per metric ton after touching a low of $562.40 per metric ton. The contract slid 2.4% this week in volatile trading.

  • End users have not stepped up to make purchases as prices have declined, a trader said.

  • "Until we find price-sensitive buyers, which we haven't done, the market is going to continue to fade," the trader said.

  • Farmers do not want to book sales at low prices but have few options as they prepare to harvest the next crop, a trader said.

  • Chicago Board of Trade soybean and soyoil futures also notched contract lows. CBOT December soyoil BOZ24 recovered to finish 0.16 U.S. cent higher at 38.67 U.S. cents per pound after reaching a low of 37.66 U.S. cents per pound.

  • Euronext November rapeseed futures COMX4 sank 2.2%, while Malaysian palm oil FCPOc3 fell 1.9%.POI/



Reporting by Tom Polansek; Editing by Sandra Maler

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