ICE Canadian canola futures slipped back on Thursday, on course for a fifth straight loss. Traders say USDA's monthly report looks mixed for soybeans, which usually influence canola's direction. CBOT soybean futures, which influence canola prices because of common edible oil market, called up 3 to 5 US cents per bushel boosted by wheat and big US export sales but gains limited by USDA's forecast for record US soy production for 2010.
Lighter canola volume expected after Wednesday's biggest volume in nearly 7 weeks. Total volume was 1,043 contracts as of 8:27 am CDT (1327 GMT). US lifted restrictions against Bunge canola plant in Saskatchewan, may be supportive-trader. New-crop November canola was down 90 cents at $456.50 per tonne on volume 946 contracts. January down 40 cents at $459.20 on volume 97. Traders see canola down $1 to up $1 on CBOT open at 9:30 am CDT (1430 GMT) The Canadian dollar was trading at $1.0478 to the US dollar, or 95.44 US cents as of 8:10 am CDT (1310 GMT), down from Wednesday's finish at $1.0453 to the US dollar, or 95.67 US cents.
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