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ICE canola futures close lower after early strength

Published 2019-05-23, 02:42 p/m
Updated 2019-05-23, 02:50 p/m
ICE canola futures close lower after early strength

CHICAGO, May 23 (Reuters) - ICE (NYSE:ICE) Canada canola futures dropped on Thursday, pressured by falling soybeans, weakness in the crude oil market and export concerns amid a trade dispute with China, traders said.

* Canola firmed early on some mild concerns about dry conditions hampering growth of the recently seeded crop and some weakness in the dollar.

* July canola RSN9 settled $4.00 lower at $441.80 per tonne.

* The contract failed to hold support above the 30-day moving average for the third time in the last four sessions.

* July-November canola spread traded 3,146 times.

* Chicago July soybeans SN9 closed 7 cents lower at $8.21-1/2 a bushel on technical buying.

* Paris Matif August rapeseed futures /COMQ9 dipped 0.2 percent and Malaysian July palm oil futures /1FCPON9 dropped 1.9 percent.

* The Canadian dollar weakened against its U.S. counterpart on Thursday, as investor worries about the trade war between the United States and China overshadowed domestic data showing a stronger-than-expected gain for wholesale trade.

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