CHICAGO: ICE canola futures weakened to their lowest in more than two weeks on Wednesday, pressured by declines in crude oil and soybean markets.

But canola closed well above its lows as gains in the soyoil market sparked a round of buying by crushers, traders said. Most-active May canola dropped 60 cents to settle at $817.10 per tonne. The contract hit technical resistance around its 20-day moving average.

March canola dropped $3.00, to $823.10 per tonne, bottoming out at $819.10, the lowest for the front month contract since Jan. 30.

The May-July canola spread, the most active inter-month spread, traded 5,993 times. The March-May spread traded 4,644 times and July-November traded 1,171 times.

Chicago Board of Trade March soybean futures settled 11-3/4 cents lower at US$15.35-3/4 a bushel. Euronext May rapeseed futures ended down 0.6%.