ICE Canadian canola futures fell on Thursday for the fourth time in five sessions and touched a two-week low, pressured by technical selling and vegetable oil weakness. The May contract traded below the 50- and 100-day moving averages, triggering technical selling. Funds sold 3,000 May contracts, leaving them with a net long position of about 9,000, a trader said.

Weakness in palm oil and soyoil weighed on canola. March canola lost $5.10 at $513.20 per tonne. Most-active May canola gave up $6.30 to $517.20 per tonne. March-May canola spread traded 4,003 times. Chicago Board of Trade March soybeans slid on expectations of a big South American soy harvest and an expansion in US plantings. NYSE Liffe May rapeseed and April Malaysian palm oil fell. Palm was pressured by rising output and weak demand.

Copyright Reuters, 2017