ICE Canadian canola futures slipped on Monday to the cheapest most-active contract price in two weeks, pressured by weaker US soya prices and technical selling. The most-active November contract is technically weak, trading below the 50-day moving average, a trader said.
Traders are awaiting results of the Canadian prime minister's visit to China this week, where he has said he will raise the two countries' canola dispute. November canola lost $3.50 at $456.20 per tonne. January canola gave up $3.60 at $463.40. November-January canola spread traded 2,361 times. Chicago November soyabeans fell on strong US crop prospects and long liquidation. NYSE Liffe November rapeseed and October Malaysian palm oil dipped. The Canadian dollar was trading at $1.3005 to the US dollar, or 76.89 US cents at 1 pm CDT (1800 GMT), slightly lower than Friday's close of $1.3000, or 76.92 US cents.
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