ICE Canadian canola futures fell to a seven-week low on Monday, spurred by sharp weakness in oilseed cousin soyabeans, and a broad selloff in commodities and equities over uncertainty in Greece, traders said. Technical selling added to canola's plunge, and a trader said follow-through sales on Tuesday are likely even though canola last traded well off its lows.
Nearby July fell further than new-crop months, as investors sold the July-November spread, which had built in a hefty premium on the old crop. Light total volume of about 17,000 contracts reflected buyers waiting out the steep drop - trader. Favorable dry weather seen for Canadian Prairies, with record-large canola acreage expected. July canola fell $13.70 or 2.3 percent to $594.40 per tonne on volume of 6,690 contracts. Touched $590.90, the lowest price for the contract since March 23.