ICE canola futures slide to more than 2-month low

Published 2018-09-18, 02:49 p/m
ICE canola futures slide to more than 2-month low

WINNIPEG, Manitoba, Sept 18 (Reuters) - ICE canola futures slipped on Tuesday to the lowest nearby price in more than two months, pressured by weakness in soybeans caused by concerns over a trade war between the United States and China.

* Soybeans sagged, taking canola down with them, after Beijing added $60 billion of U.S. products to its import tariff list in retaliation for President Donald Trump's planned levies on $200 billion worth of Chinese goods. November canola RSX8 lost $2.40 at $486.40 per tonne. It fell as low as $483.50, approaching a key support level of $480, a trader said.

* The November-January canola spread traded 3,881 times.

* Chicago November soybeans SX8 fell due to concerns about escalating U.S.-China trade tensions and prospects for a large U.S. harvest. November Paris Matif rapeseed futures /COMX8 dipped and Malaysian November palm oil futures /1FCPOX8 shed 2 percent.

* The Canadian dollar CAD= was trading at $1.2979 to the U.S. dollar, or 77.05 U.S. cents at 1:13 p.m. CDT (1813 GMT).

* Statistics Canada is due to release crop production estimates on Wednesday at 7:30 a.m. CDT (1230 GMT), based on satellite and agroclimatic data.

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