ICE Canadian canola futures slipped on Tuesday, weighed down by weaker soyaoil futures. Lack of buying from crushers due to weakening crush margins also weighed on canola. Technical-trading funds were on the sidelines, a trader said, as they have built an estimated long position of 22,000 July contracts.
Most-active July canola fell $2.20 to $530.10 per tonne. New-crop November canola lost $1.30 to $517.20 per tonne. ICE Futures Canada reported delivery of 200 May contracts on Tuesday. The July-November canola spread traded 1,645 times. Chicago July soyabeans rose, following strength in soyameal. The Canadian dollar was trading at $1.2875 to the US dollar, or 77.67 US cents at 1:14 pm CDT (1814 GMT).
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