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ICE canola futures slide on commercial selling

Published 2019-06-14, 02:32 p/m
Updated 2019-06-14, 02:40 p/m
ICE canola futures slide on commercial selling

ICE canola futures slide on commercial selling

WINNIPEG, Manitoba, June 14 (Reuters) - ICE (NYSE:ICE) canola futures slipped on Friday, dragged down by commercial selling carried out to hedge recent selling by farmers, and weaker soyoil prices.

* Canola's earlier gains were fuelled by worries about dry Canadian conditions, higher soybean prices and a weaker Canadian dollar, a trader said.

* Alberta soil moisture conditions improved after rain in the past week. GRO/ALB

* July canola RSN9 lost $1.60 to $454.90 per tonne.

* Most-active November canola RSX9 shed $1.50 to $470.30 per tonne.

* July-November canola spread traded 9,387 times.

* Canola cash prices are weak for this time of year and may need to increase for commercials to entice farmers to sell further in the next four to five weeks, Prairie Crop Charts analyst Harold Davis said in a note.

* Chicago July soybeans SN9 finished higher on poor U.S. planting weather. Paris Matif August rapeseed futures /COMQ9 and Malaysian August palm oil futures /FCPOQ9 edged higher.

* The Canadian dollar CAD= fell to a one-week low against its U.S. counterpart on Friday as U.S. data suggesting a pick-up in consumer spending boosted the greenback. CAD/

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