Canadian canola futures hit six-week lows on Friday as good growing conditions for US soyabeans pressured vegetable oil markets, and as funds continued to liquidate long positions in canola, traders said. "These fancy prices are not holding. We're coming down pretty fast," a canola trader said.
ICE canola futures settled $12 to $18.80 per tonne lower, with benchmark November down $18.70 at $634.60. November prices have dropped 12 percent from a recent high set two weeks ago. Commission houses and funds were featured sellers, traders said. Commodity funds are close to liquidating their long position in the market, traders believed.