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ICE Canada canola drops to nine-month low on fund selling

Published 2018-07-13, 04:39 p/m
Updated 2018-07-13, 04:40 p/m
ICE Canada canola drops to nine-month low on fund selling

ICE Canada canola drops to nine-month low on fund selling

July 13 (Reuters) - ICE Canada canola futures 0#RS: declined to a nine-month low on Friday, easing for the fifth straight session on investment fund and technical selling, traders said.

* Good growing conditions for canola in Canada and soybeans in the United States have pressured prices for both crops, while import tariffs on U.S. soy imports in China continued to anchor prices for each.

* "Buyers are backing away here and the funds are selling," a canola trader in Winnipeg said.

* November canola RSX8 fell $7.80 to $485.10 per tonne, the lowest since Oct. 13.

* The Canadian dollar CAD= was trading at $1.3160 to the U.S. dollar, or 76.00 U.S. cents, at 3:31 p.m. CDT (2031 GMT).

* ICE reported no deliveries against July canola futures RSN8 , which expired on Friday.

* Soybean futures fell to their lowest in nearly a decade on fears of reduced demand for U.S. supplies in China.

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

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