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Wednesday, May 31, 2023

ICE canola sinks on technical sell-off

CHICAGO: ICE Canada canola futures fell 1.3% on Tuesday, their eleventh decline in the last 12 sessions on a technical breakdown, traders said.

Despite the weakness of the past two weeks, there have been no signs of a pick-up in demand, a trader said.

The benchmark May canola futures contract dropped $9.20 to settle at $729.40 per tonne. Some technical support was noted near the low end of the contract’s 20-day Bollinger range. Prices bottomed out at $726.20 a tonne, the lowest on a continuous chart of the most-active contract since June 25, 2021.

ICE canola sinks on technical sell-off

Source: Brecorder

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