ICE canola futures give back prior day gains
WINNIPEG, Manitoba, May 28 (Reuters) - ICE canola futures slid on Wednesday, giving back Tuesday's gains, on good crop seeding progress despite growing dryness.
• July canola RSN5 settled down $16.30 at $715.90 per metric ton. November RSX5 settled down $8 at $686.30, tightening the old crop/new crop spread, which had widened in the previous session.
• Traders said the canola market is becoming volatile on weather conditions. Good seeding progress in most parts of Western Canada is speeding along canola, but dryness and heat are worrying farmers and traders. Western Canada has been grappling with too-dry weather for much of the post-2020 growing seasons.
• Chicago Board of Trade soyoil futures BOv1 rose 0.49% despite weakness in soybeans Sv1 and corn Cv1.
• Euronext August rapeseed futures COMQ5 fell 1.03%. Malaysian palm oil futures FCPOc3 rose 0.8% on strength in Dalian markets. POI/
• The Canadian dollar CAD= weakened slightly. CAD/
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