ICE Canadian canola futures fell on Wednesday on spillover pressure from US soyabeans, led lower by old-crop canola. July-November narrowed in to a July premium of $45 on long liquidation, trading 2,754 times. Doubts about new measures to tackle the euro zone debt crisis from a European leaders' summit led to investors shunning riskier assets like commodities and equities.
Total canola volume was a light 14,900 contracts. July canola fell $10.90 or 1.8 percent to $598.40 per tonne on volume of 6,220 contracts. New-crop November lost $6.50 to $553.40 per tonne on 7,598 contracts. Chicago July soyabeans last traded down 17-3/4 US cents to US $13.64-1/2 per bushel at close of pit trading, pressured by long liquidation and euro zone worries.
MATIF August rapeseed lost 1.4 percent, while Malaysian June palm oil dropped 3.1 percent on investor concerns about euro zone debt. Canadian dollar was trading at $1.0260 against the US dollar or 97.47 US cents at 1:12 pm CDT (1812 GMT), down from Tuesday's close at $1.0218 versus the US currency, or 97.87 US cents.
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