ICE Canadian canola futures slipped on Thursday, weighed down by a lack of buyers and lower US crop markets. Crusher demand seen dropping off after running ahead of year-ago pace, pressuring the July contract, a trader said. More favorable Western Canada weather seen pressuring the later contract months. Saskatchewan overall planting 11 percent complete, the Canadian province said.
July canola shed 60 cents to $519.30 per tonne. New-crop November canola gave up $1.70 to $502.40 per tonne. July-November canola spread traded 2,339 times. ICE reported no deliveries of the May contract, which expires on Friday. Chicago Board of Trade July soybeans fell on technical selling and hedge pressure. NYSE MATIF August rapeseed dipped and Malaysian July palm oil rose. The Canadian dollar was trading at $1.3699 to the US dollar, or 73.00 US cents, at 12:42 pm CDT (1742 GMT). The currency weakened due to a ratings downgrade for major Canadian banks.
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