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ICE Canada canola drops, following lower soybeans

Published 2018-07-11, 03:20 p/m
Updated 2018-07-11, 03:30 p/m
© Reuters.  ICE Canada canola drops, following lower soybeans

© Reuters. ICE Canada canola drops, following lower soybeans

July 11 (Reuters) - ICE Canada canola futures fell to their lowest in more than six months on Wednesday, dragged down by fund selling and spillover pressure from plunging U.S. soybean futures, traders said.

* Most-active November canola RSX8 fell $8.50 to $494.00 per tonne. Funds sold a net 3,000 November contracts on the day, a trader said.

* U.S. soybean futures 0#S: posted contract lows and the most-active contract Sv1 settled at a near 9-1/2-year low on escalating trade tensions between the United States and China.

* A weaker Canadian dollar CAD= limited declines in canola. The loonie was trading at $1.3191 to the U.S. dollar, or 75.81 U.S. cents at 2:12 p.m. CDT (1912 GMT).

* ICE reported no deliveries of the July canola RSN8 contract, which expires on July 13.

* August Paris Matif rapeseed futures COMQ8 and Malaysian September crude palm oil 1FCPOU8 were lower.

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