ICE Canadian canola futures mostly dropped on Monday to extend their losing streak to six sessions, the longest stretch of losses in nine months. Fears about weaker demand in earthquake-ravaged Japan weakened grains and oilseeds early, and fund selling further weighed down canola - trader. Funds taking net short positions with canola under key moving averages - trader.
Panic selling by some farmers into cash system adding hedge pressure by commercials - trader. Recent light-volume trend continued, with about 13,400 contracts traded. May ended down $3.10, or 0.6 percent, at $555, volume 9,590. July down $2.90 at $562.90, volume 1,779. New-crop November down slightly and January gained as concerns grow about planting in wet conditions - traders. March contract has expired. May-July spread traded 1,401 times, with July premium ranging from $7.00 to $8.00.