ICE canola futures hit 6-month low, following soyoil, crude down
WINNIPEG, Manitoba, Dec 6 (Reuters) - ICE canola futures tumbled on Wednesday to a six-month low, pressured by weaker oil and soyoil prices and a stronger Canadian dollar.
"Everything has turned negative for canola of late," a trader said.
January canola RSF4 lost $15.70 to settle at $649.90 per metric ton, losing ground for the sixth straight session.
January canola fell to a low of $647.20, the lowest price since June 6, crashing through the key support level of $650.
January-March canola spread, the most active inter-month spread, traded 10,001 times.
Chicago Board of Trade soybean futures Sv1 dropped as the market grappled with a forecast of much-needed rain in South America.
Euronext February rapeseed futures /COMG4 also slid.
*All figures in Canadian dollars unless noted