ICE Close: Canola Hits Three-Week Lows

Canola futures fell to their lowest levels in three weeks on Monday, testing key chart support as speculative selling weighed on prices.

Losses in Chicago Board of Trade soyoil and the ongoing strike at Canadian National Railway added to the bearish tone, according to participants.

However, good demand from domestic crushers provided some underlying support. A softer tone in the Canadian dollar also helped underpin the market.

January canola lost $4.90 to $459.40, March fell $4.70 to $468.70 and May was down $4.50 at $476.60.

Source: DePutter Publishing Ltd.

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