ICE Canada canola futures fell on Monday to their lowest in three weeks, tracking Chicago soya futures that weakened amid better US crop weather and fears about US debt, traders said. Losses weakened canola's technical indicators, which led to fund selling and cast a downward bias for Tuesday - trader. Favourable forecast of seasonally warm temperatures for Canadian Prairies, and stronger Canadian dollar, added pressure.
November canola futures dropped $9.00 or 1.6 percent to $551.90 per tonne and touched $549.00, the weakest price for the contract since July 4. Volume of 13,280 contracts. January lost $8.90 to $560.10 on volume of 3,369. November-January spread traded 2,804 times, settling at a January premium of $8.20.
Chicago August soyabeans dropped 14-3/4 US cents to US $13.65-1/2 per bushel. August soyaoil fell 0.41 cent to 56.10 US cents per lb. MATIF November rapeseed settled down 2.7 percent. Canadian dollar was trading at $0.9450 to the US dollar, or US $1.0582 at 1:48 pm CDT (1848 GMT), up from Friday's North American session close of $0.9491 to the US dollar, or US $1.0536. NYMEX crude oil settled down 0.7 percent at US $99.20 per barrel. Richardson canola output surges after expansion.