ICE canola futures fall on weak crude, fellow vegoils
WINNIPEG, Manitoba, June 24 (Reuters) - ICE canola futures fell sharply on Tuesday as crude oil slumped and better crop conditions in North America lifted worries about future supply.
• July canola RSN5 settled down $28.20 at $693.40 per metric ton. November RSX5 fell $19 to $706.20.
• The July-November spread has now flipped to a substantial new crop premium, despite the arrival of yield-protecting rains across Western Canada's prime canola country.
• Traders said slumping crude prices and better crop conditions across North America have taken the worry out of the crops markets, removing risk premiums that have seen crops hit new highs in recent weeks.
• Chicago Board of Trade soyoil futures BOv1 fell 2.12% on the uncertain ceasefire between Israel and Iran, which has provided relief to the fearful crude oil CLc1 market.
• Euronext August rapeseed futures COMQ5 fell 2.86% on Middle East ceasefire news.
• Malaysian palm oil futures FCPOc3 fell 3.52% on Tuesday on the ceasefire and weakness in competing vegoil markets. POI/
• The Canadian dollar CAD= strengthened against the greenback. CAD/
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