ICE Canadian canola futures dipped on Thursday, weighed down by weaker soyaoil and palm prices, and an uptick in commercial hedges. Canola lacks a bullish story and has been unable to string many gains together, even as the Canadian dollar weakened, a trader said. Farmers are harvesting some of last year's crop that was snowed under last autumn, leading to increased selling to the cash market, the trader said.
Most-active July canola lost $1.70 to $457.70 per tonne.
May-July canola spread traded 6,372 times, and accounted for much of the trade. US soyabean futures dropped on weaker-than-expected export sales. Euronext May rapeseed futures edged higher and Malaysian July palm oil futures fell nearly 2%. The Canadian dollar hit a 10-day low to the US dollar.
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