Canadian canola futures fell on Thursday on spillover from a sell-off in US soya markets and profit-taking after a three-day rally to two-year highs, traders said. Scattered hedge-related selling noted as farmers took advantage of high prices, although canola harvest was winding down.
November settled down $2.70, or 0.5 percent, at $511.20 a tonne, on volume of 10,055 contracts. Contract matched Wednesday's peak of $517.90, highest nearby price since mid-September 2008, before retreating. January down $1.80 at $519.90, volume 12,511. November/January spread traded 7,069 times between $7.10 and $9.40, premium January. CBOT November soyabeans settled down 10-1/2 US cents at US $12.01-1/2 per bushel, pressured by declines in corn and a rally in the US dollar. Canola competes with soya on the global vegoils market.
The Canadian dollar retreated from early strength. It was trading at $1.0263 to the US dollar, or 97.44 US cents, as of 2:35 pm CDT (1935 GMT), down from its earlier high at 98.36 US cents, and below Wednesday's finish at C$1.0222, or 97.83 US cents.
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