ICE Close: Canola Drops Sharply with Soybeans

Canola futures were down sharply on Thursday, finishing right above major support as losses in the Chicago soy complex spilled over to weigh on values.

The most active March contract settled right above the psychological C$480/tonne mark, as bearish technical signals and speculative selling pressure contributed to the declines.

Soft demand from both exporters and the domestic crush sector contributed to the declines, as ample supplies in the commercial pipeline had end-users content to only buy on a scale-down basis.

March canola dropped $4.40 to $480.50, May was down $4.60 at $489 and July lost $4.30 to $496.60.

Source: DePutter Publishing Ltd.

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