ICE Canadian canola futures settled lower Thursday on technical selling and profit-taking after most months posted life-of-contract highs, traders said. Canola was also pressured by setbacks in allied US soy markets on Wednesday while Canadian markets were closed for Canada Day. July canola hit a contract high of $543.50 per tonne before retreating to close down $1.30 at $541.30 per tonne. Volume totaled 444 contracts.
Most-active November canola set a contract high of $539.40 per tonne before turning lower to finish down $3 at $522.10. Volume was 16,249 contracts. Chicago August soybean futures settled down 2-1/2 US cents at US $10.38-1/4 a bushel. US markets will be closed on Friday.
Malaysian September palm oil settled flat while NYSE Liffe Paris August rapeseed fell. The Canadian dollar was trading at $1.2542, or 79.73 US cents, at 3:28 pm CDT (2028 GMT), up from Tuesday's closed of $1.2589, or 79.43 US cents, according to Reuters data.
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