ICE canola futures wobble at $700
WINNIPEG, Manitoba, June 4 (Reuters) - Nearby ICE canola futures wobbled around the $700 mark, breaking back above it during Wednesday's session, only to close below it for a third session.
• July canola RSN5 settled down $3.70 at $695 per metric ton. November RSX5 fell $3.70 to $676.50.
• Traders have been closely watching canola futures prices around both the pyschologically-notable price of $700 as well as the 20- and 50-day moving averages. Traders are debating whether the recent wobble around $700 is sign of a reversal or a consolidation.
• Canadian farmers are seeding the crop into dry soils, which has made for good progress. But many are worried about the dry soils and need rain soon.
• Chicago Board of Trade soyoil futures BOv1 were flat for the day.
• Euronext August rapeseed futures COMQ5 moved little, rising 0.05%. Malaysian palm oil futures FCPOc3 rose 0.36%. POI/
• The Canadian dollar CAD= rose to a nearly eight month high as better economic statistics caused the Bank of Canada to hold back from cutting rates. CAD/
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