CHICAGO: ICE canola futures fell on Tuesday, pressured by commercial hedging as buyers on the cash market moved to mitigate their risks after receiving deliveries from farmers in recent weeks.

Some funds were placing new short positions in the market as technicals have turned bearish in recent days, a trader said. Much of the daily volume was related to investors rolling their positions from the March contract to the May contract.

Most-active May canola dropped $3.10 to settle at $817.70 per tonne. March canola also shed $3.10, to $826.10 per tonne. March-May canola spread, the most active inter-month spread, traded 3,628 times. The May-July spread traded 2,466 times and July-November traded 1,620 times.

Chicago Board of Trade March soybean futures settled 5-1/4 cents lower at US$15.37-1/2 a bushel. Euronext May rapeseed futures dipped 0.05%.