ICE Canadian canola futures closed lower on Thursday as farmers stepped up selling, triggering commercial hedge pressure, traders said. Weaker US soya and crude oil futures, along with the stronger Canadian dollar, also added pressure. Some short-covering seen adding support as traders evened positions ahead of Friday's report on US and world supply and demand from US Department of Agriculture.
May canola ended down $2.50 at $380.10 per tonne; volume 7,354 contracts. July down $2.10 at $386.40; volume 4,721 lots. May/July spread traded 4,007 times, widening to a range of $5.70 to $6.60, premium July. Wider range suggests readily available cash supplies-trader.
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