ICE Canadian canola futures fell on Monday due to downward pressure on the US soybean market, traders said. The market was also retreating from a rally that pushed prices up 4.7 percent during the last two weeks. May canola dropped $3.00 to $647 per tonne on volume of 7,083 contracts. July fell $3.90 to $620.50 on volume of 10,033. May-July spread widened to a May premium of $16.50, trading 5,650 times.
Statistics Canada will issue its first estimates of planting intentions on Wednesday. Canadian farmers are likely to seed 20.3 million acres of canola, down 6 percent from last year, according to the average of 15 estimates in a Reuters poll of traders and analysts. Chicago Board of Trade May soybeans lost 10-1/4 US cents at US $14.18 per bushel on forecasts for improved planting weather in the Midwest. Canadian dollar was trading at $1.0263 versus the US dollar, or 97.44 US cents, at 2:05 pm CDT (2005 GMT), up slightly from Friday's close at $1.0258 versus the US dollar, or 97.52 US cents.
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