ICE canola futures fall to contract lows on technical selling, crude drop
All figures in Canadian dollars unless noted
WINNIPEG, Manitoba, May 31 (Reuters) -ICE canola futures fell on Wednesday to contract lows, pressured by technical selling and a drop in crude prices.
* Grains and oilseed prices were "caught in the crossfire" from disappointing Chinese manufacturing data, and the selling added to technical weakness, a trader said.
* Most-active November canola RSX3 lost $3.30 to settle at $624.80 per tonne.
* July-November canola spread, the most active inter-month spread, traded 9,251 times.
* In the Canadian province of Manitoba, overall seeding is about 87% complete, slightly behind the 5-year average of 91%, the provincial government said on Tuesday. GRO/MBA
* U.S. corn futures fell as macroeconomic concerns fed worries about demand for commodities, but the market pared losses as traders focused on weather risks to Midwest crops. GRA/
* Euronext August rapeseed futures /COMQ3 rose.
Reporting by Rod Nickel in Winnipeg
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.