ICE Canadian canola futures dropped on Thursday in a broad-based commodities sell-off on economic concerns, but it found some support from a weaker Canadian dollar. Total volume of 10,440 contracts was lightest in three weeks. Alberta canola conditions have improved, yields are seen slightly above average, while canola swathing has started in some Saskatchewan areas.
November canola futures fell $5.70 or 1 percent to $559.50 per tonne on volume of 6,716 contracts. January lost $5.70 to $567.90 on volume of 1,639. November-January spread traded 1,401 times, settling at a January premium of $8.40. Chicago August soyabeans dropped 24-3/4 US cents to US $13.39-1/4 per bushel. August soyaoil lost 1.10 cent to 55.18 US cents per lb. MATIF November rapeseed settled down 1 percent. Canadian dollar was trading at $0.9777 to the US dollar, or US $1.0228 at 1:12 pm CDT (1812 GMT), down from Wednesday's North American session close at $0.9626 to the US dollar, or US $1.0389.
NYMEX crude oil settled down 5.8 percent at US $86.63 per barrel. Cool, wet weather to stabilise US corn crop. USDA weekly export sales. Exporters sell 174,000 tonnes US soyabeans to China for 2011/12. France raises rapeseed crop forecast.