WINNIPEG, (Manitoba): ICE canola futures slipped for a third straight session on Wednesday, pressured by commercial hedges and soybean oil weakness.
Canadian farmer sales to commercial buyers have picked up, weighing on futures prices, a trader said. March canola lost $9.80 to settle at $831.80 per tonne, touching the contract’s lowest price since Dec. 2.
March-May canola spread, the most active inter-month spread, traded 6,022 times. US soybean futures edged higher, underpinned by concerns about weather-reduced crops in South America. Euronext February rapeseed futures inched higher.