ICE Canadian canola futures tumbled on Tuesday for a third straight session, with the front five months hitting contract lows on technical selling and fears of slowing export demand from China, traders said. Market pressured in part by ideas that a resolution to the US-China trade row could boost Chinese demand for US soya at the expense of Canadian canola.

March canola settled down $3.20 at $467.60 per tonne after posting a contract low at $465.80. Most-active May canola fell $3.10 to settle at $474.80 per tonne after hitting a contract low at $473.20. The March-May canola spread traded 4,914 times between $6.40 and $7.90 and settling at $7.20, premium May.

Chicago May soyabeans settled down 8 US cents at US$9.17 per bushel on seasonal pressure from the ongoing Brazilian soya harvest and a lack of confirmation of fresh US soya sales to China. Paris Matif May rapeseed futures fell 0.76 percent and Malaysian May palm oil futures fell 1.36 percent. The Canadian dollar was trading at $1.3164 to the US dollar, or 75.96 US cents at 1:44 p.m. CST (1944 GMT).

Copyright Reuters, 2019