ICE Canadian canola futures fell to their lowest in more than four months on Thursday before paring losses, under pressure from technical selling and lower soybean prices, traders said. Commodity funds seen whittling down net long position. Index funds starting to roll position forward from November contract.
Traders positioning ahead of Friday's US Department of Agriculture (USDA) report on quarterly grain stocks. Canola underpinned by disappointing yields. Statistics Canada to estimate average yields and production on October 4. November canola lost $3.20 to $591.90 per tonne on volume of 14,296 contracts. Touched low of $588.60, the weakest price since May 15.
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