ICE Canadian canola futures dipped on Monday, tumbling from an earlier five-week high, on spillover pressure from soybeans and light profit-taking, traders said. Rain from Isaac to help US wheat, but not corn, soy. November canola lost $5.00 to $628.60 per tonne on thin volume of 7,062 contracts. Touched $640 earlier, the highest price for a nearby contract since July 23.
January canola gave up $4.40 to $632.80 on volume of 1,443 contracts. November-January spread widened to a January premium of $4.20, trading 1,174 times. Chicago Board of Trade November soybeans lost 10 US cents at US $17.21-1/2 per bushel. MATIF November rapeseed slipped 0.7 percent, while October palm oil added 0.6 percent. Canadian dollar was trading at $0.9904 against the US dollar or US $1.0097 at 1:56 pm CDT (1856 GMT), up from Friday's close at $0.9916 versus the US dollar, or US $1.0085.