WINNIPEG: ICE Canada canola futures dropped on Thursday for the third straight session, trading in thin volume while U.S. markets were shut for Thanksgiving.
Canola drifted lower with the Canadian dollar stronger and NYSE Liffe rapeseed slightly weaker.
Canola has traded for months in a tight range, with ample supplies from the Canadian harvest partly offset by slow farmer selling.
Statistics Canada will issue its final crop production report of the year on Dec. 4.
January canola dipped $2.50 at $490.50 per tonne, slipping below several moving averages.
March canola also gave up $2.50 at $499.90.
January-March spread settled unchanged with a March premium of $9.40, trading 538 times.
NYSE Liffe Paris February rapeseed edged up 0.1 percent.
February Malaysian palm oil added 0.6 percent.
Canadian dollar was trading at $1.0582 versus the U.S. dollar or 94.50 U.S. cents at 12:38 p.m. CST (1838 GMT), up from Wednesday's close at $1.0595 to the greenback, or 94.38 U.S. cents.
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