ICE: Canola weakens on fresh China concerns

ICE July 2019 canola with 20-, 50- and 100-day moving averages. (Barchart)

Chicago | Reuters — ICE Canada canola futures dropped on Tuesday after China, the top buyer, expanded its ban on Canadian canola seed imports.

China’s ban now includes shipments from Viterra, the latest development in a wider trade dispute between the two countries.

May canola futures ended $5 lower at $451.70 per tonne. The contract managed to hold support above Friday’s low of $449.

July canola was down $5.40 at $459.80.

Chicago May soybeans finished 5-3/4 U.S. cents lower at US$9.00-3/4 per bushel.

The Canadian dollar was little changed against its U.S. counterpart on Tuesday as stocks and oil prices rose, with the loonie steadying after it was pressured in the last three sessions by worries about the economic outlook.

Malaysian May palm oil futures dropped 0.5 per cent.

— Reporting for Reuters by Mark Weinraub.


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