WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange slid further on Friday, caught up in a broad selloff weighing on global equity and energy markets. The July contract settled just above its 20-day moving average, while the new crop November futures dipped below that technical level.
The Dow Jones Industrial Average lost nearly 600 points while the Toronto Stock Exchange was down 700 points. Relatively favourable North American crop weather added to the selling pressure in the grains and oilseeds as traders exited long positions.
While the future of the war in Iran remained uncertain, crude oil shed more than US$1 per barrel. Chicago soyoil, European rapeseed and Malaysian palm oil were also priced lower.
The Canadian Grain Commission reported 252,300 tonnes of canola were exported during the week ended May 31, up from 139,200 tonnes the previous week. So far this marketing year, Canada has exported 7.384 million tonnes, compared to 8.524 million last year.
At mid-afternoon, the Canadian dollar was down one-quarter of a U.S. cent compared to Thursday's close.
