WINNIPEG: ICE Canada canola futures dipped on Wednesday as buying dried up after two days of gains and the Canadian dollar rose.
Canola seen hitting psychological resistance around $500.
Crushers and seed exporters were not strong buyers - trader.
Traders noted most-active January contract was trading around its 50-day moving average. Funds, who follow technical indicators, are estimated to hold a small net short position.
January canola lost $3.60 to $494.80 per tonne.
January-March spread widened to a March premium of $8.10, trading 3,199 times.
ICE reported delivery of 299 November contracts on Wednesday. Contract expires on Thursday.
Chicago January soybeans rose 1/2 US cent at US$13.15 per bushel in choppy technical trade.
NYSE Liffe Paris February rapeseed eased 0.1 percent.
December Malaysian palm oil edged up 0.2 percent.
Canadian dollar was trading at $1.0460 versus the US dollar or 95.60 US cents at 12:50 p.m. CST (1850 GMT), up from Tuesday's close at $1.0493 to the greenback, or 95.30 US cents.
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