ICE canola futures fall on news of Australian deal with China

LANGHAM, Saskatchewan, July 16 (Reuters) - ICE canola futures fell on Wednesday on news that China is near to a deal with Australia for canola imports.

The decline was intensified by technical factors, traders said.

• November canola RSX5 settled down $14.70 at $676.10 per metric ton. January RSF5 fell $14 to $684.90.

• Early Wednesday Reuters reported that China is close to finalizing a deal with Australia to allow Australian canola to be imported. China has blocked Australian canola since 2020 due to crop disease concerns, but the deal would allow for five test cargos.

• More competition for Chinese sales is a negative for Canadian canola, but expected low stocks in Canada in 2026 mean the downside impact is limited, said Tony Tryhuk of RBC Dominion Securities.

• Once canola began falling some technical triggers were pulled, further hitting prices, traders said.

• Chicago Board of Trade soyoil futures BOv1 rose 0.51%.

• Euronext August rapeseed futures COMQ5 fell 0.94%.

• Malaysian palm oil futures FCPOc3 fell 0.12%. POI/

• The Canadian dollar CAD= edged higher. CAD/