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Canola falls for second day in a row on technical selling

Published 2018-10-10, 03:27 p/m
Canola falls for second day in a row on technical selling

Oct 10 (Reuters) - ICE canola futures fell on Wednesday, with traders describing the market as technically weak after the benchmark November contract RSX8 fell below $500 a tonne.

* Weakness in the soybean market also weighed on canola prices.

* November canola RSX8 fell below its 50-day moving average, hitting its lowest in more than a week.

* A falling Canadian dollar limited some of the declines in canola.

* November canola RSX8 closed $2.40 lower at $496.80 per tonne.

* The November-January spread RSX8-F9 traded 5,430 times.

* Chicago November soybeans SX8 dropped 1.1 percent to close at $8.52-1/4 a bushel. SOY/C

* The Canadian dollar CAD= edged lower against its U.S. counterpart on Wednesday as oil prices fell and U.S. Treasury yields climbed toward multiyear peaks

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