Canola futures drop on technical setback, hit lowest since September

Kitco Media
By Reuters
Published:
Updated:
Reuters
(All figures in Canadian dollars unless noted) CHICAGO, March 9 (Reuters) - ICE Canada canola futures plunged to their lowest in nearly six months on Thursday on a heavy round of technical selling, traders said.
* Canola futures have fallen for five sessions in a row, with the most-active contract shedding 4.0% during the streak.
* Actively traded May canola ended Thursday's session down $15.80 at $792.30 per tonne after touching a session low of $786.20. The contract fell below the low end of its 20-day Bollinger range.
* On a continuous basis, that was the lowest price for the most-active canola futures contract since Sept. 20.
* New-crop November canola settled $16.50 lower at $763.30.
* The May-July spread 6,391 times and the July-November spread traded 4,449 times.
* Chicago Board of Trade May soybean futures were off US7 cents at US$15.10-3/4 a bushel.
* Euronext May rapeseed futures dropped 2.7% on Thursday. (Reporting by Mark Weinraub)

Messaging: mark.weinraub.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.