Futures Canola Oil Trade Fell To The Lowest Level Since June 2021

CHICAGO: Canola futures on ICE Canada fell for the ninth day in a row on Wednesday, with prices hovering close to their lowest level since June 2021 as investors awaited signs of renewed demand.

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Commercial hedging, according to traders, also put more pressure on the market. Ranchers were selling canola they have been holding away canisters to prepare for additional market declines.

The benchmark contract for canola in May decreased by $6.60 to $751.00 per tonne.

The contract’s lowest price was $742.70 in May. That was the lowest level for the most active canola futures contract over time since June 28, 2021.

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While The most active soyoil contract in Dalian earlier  down 2.8%, and  the palm oil contract was down 1.1%. On the Chicago Board of Trade, soyoil prices were down 0.4 percent that also pushed the prices of canola to downward Bias.

November new crop canola fell $6.50 to $729.40 at the end of the day. There were 8,078 transactions for the May-July spread and 4,696 transactions for the July-November spread.