ICE Canadian canola futures fell on Thursday with commercial selling and spillover pressure from weaker soy futures, traders said. Buying based on harvest delays and frost concerns limited losses-trader. Total volume of 20,233 contracts was largest in nearly three weeks. Active spread trading a feature, but November-January tightening despite Statistics Canada report on Wednesday of near-record old-crop supplies.
November closed down $1.70 at $459.30 a tonne, on volume of 12,685 contracts. January down $1.60 at $464.20, volume 5,483. November-January spread traded 4,810 times, settling at $4.90 premium January. CBOT September soybeans, ended down 3-1/2 US cents at US $10.37-3/4 per bushel. September soyoil down 0.08 US cent per lb to 41.08 US cents per lb. Soymeal down US $1.80 to US $305.50 per ton.
The Canadian dollar was trading at $1.0345 to the US dollar, or 96.67 US cents as of 1:10 pm CDT (1810 GMT), up from Wednesday's close at $1.0374 to the US dollar, or 96.40 US cents. Light crude oil futures, linked to canola through their use in biofuels, down 27 US cents at US $74.40 per barrel.
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