ICE Canadian canola futures reversed from earlier gains to close narrowly lower on Thursday in thin volume as investors squared positions ahead of the release of crop tour data, traders said. There were few farmer sales or aggressive buying by crushers of the oilseed. Support from higher European rapeseed prices was offset by pressure from recent steep declines in US soy values, the traders said.
Results were expected later Thursday from the inaugural Cereals North America Canadian crop tour that spanned Manitoba, Saskatchewan and Alberta on three separate routes.
Most-active November canola futures fell $1.50 to $440.60 per tonne. Canola on a continuous chart shed nearly 10 percent for the month in the largest such decline since December 2013.
Chicago Board of Trade November soybeans rose 3/4 US cent to US $10.82. NYSE Liffe Paris November rapeseed gained 0.60 percent. The Canadian dollar traded at $1.0897, or 91.77 US cents, versus Wednesday's close of $1.0901 to the greenback, or 91.73 US cents.
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