WINNIPEG, Manitoba--The ICE Futures canola market was down sharply on Thursday, falling by their daily C$30-per-ton limit in many months as a selloff in the Chicago Board of Trade soy complex had investors liquidating long positions on both sides of the border.
Speculators were noted sellers, with the underlying fundamentals still relatively supportive for canola.
While recent rains have helped improve soil moisture conditions somewhat and temperatures have moderated across the Prairies, more precipitation will be needed through the growing season.
Sharp losses in the Canadian dollar, which dipped below 81 U.S. cents, should have also provided some support.
About 17,590 canola contracts traded on Thursday, which compares with Wednesday when 18,231 contracts changed hands. Spreading accounted for 5,740 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Jul 787.10 dn 30.00
Nov 666.40 dn 30.00
Jan 667.90 dn 30.00
Mar 665.30 dn 30.00
Source: Commodity News Service Canada, firstname.lastname@example.org
(END) Dow Jones Newswires