Canola futures slide to two-week low on technical selling

Published 2018-10-11, 02:55 p/m
Canola futures slide to two-week low on technical selling

Oct 11 (Reuters) - ICE canola futures prices dropped to their lowest in more than two weeks on Thursday on chart-based selling, traders said.

* The market drifted lower after the benchmark November contract RSX8 fell below $500 a tonne this week, a trader said.

* Canadian farmers are not selling their canola crops due to uncertainty about the harvest, which has been delayed by wet weather, traders said.

* November canola RSX8 closed $0.30 lower at $496.50 per tonne.

* The contract's session low of $493 per tonne was the lowest price since Sept. 26.

* The market extended recent losses despite gains in Chicago Board of Trade soy futures.

* November soybeans SX8 rose 6 cents to $8.58-1/4 a bushel. SOY/C

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