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ICE canola futures extend slide after China blocks shipments

Published 2019-03-06, 04:16 p/m
ICE canola futures extend slide after China blocks shipments
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(All figures in Canadian dollars unless noted)

March 6 (Reuters) - ICE (NYSE:ICE) May RSK9 canola futures fell on Wednesday, posting their eighth decline in the last nine sessions, on prospects for reduced export demand from China, a top customer, traders said.

* Canadian agribusiness Richardson International said canola it shipped to China met regulatory requirements, after a Chinese official charged that "hazardous pests" were found in samples taken recently from Canadian canola imports. Beijing this month canceled Richardson International's registration to ship Canadian canola to China, the world's biggest importer of the oilseed, in the latest sign of tensions between the countries.

* Canada and China are locked in a dispute over trade and telecoms technology that has ensnared the chief financial officer of Huawei Technologies Ltd HWT.UL , the world's largest telecommunications equipment maker, who faces U.S. criminal charges.

* Most-active May canola RSK9 ended down $2.50 at $455.30 per tonne after dipping to $453.80, a contract low.

* July canola RSN9 fell $2.70 to settle at $463.70 after notching a contract low at $462.50.

* The May-July canola spread RSK9-N9 traded 2,784 times between $8.30 and $8.80, premium July.

* Chicago May soybeans SK9 settled down 11-3/4 U.S. cents at US$9.02 per bushel as traders awaited news of progress on a U.S.-China trade deal. Paris Matif May rapeseed futures COMK9 rose 1.20 percent while Malaysian May palm oil futures 1FCPOK9 fell 0.19 percent.

* Canola shrugged off support from a weaker Canadian dollar, which makes Canadian product more competitive globally. The currency CAD= was trading at $1.3427 to the U.S. dollar, or 74.48 U.S. cents, at 2:50 p.m. CST (2050 GMT).

* The Canadian unit fell to a two-month low against its U.S. counterpart after a more dovish tone from the Bank of Canada drove the gap between Canadian and U.S. yields to the widest in more than a decade. CAD/

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