ICE Canadian canola futures slipped on Wednesday in late selling, but the nearby contract posted its biggest monthly gain in six months. End of the month position squaring, including profit-taking, seen weighing down canola late. Canola underpinned by a lack of farmer selling of new crop - trader.
Total open interest was about 168,000 as of Tuesday, the lowest since January 31. Seen reflecting light positions by funds, lack of selling by farmers and less trading by local speculators. November canola lost $2.40 to $618.80 per tonne on volume of 7,477 contracts. Ends with monthly gain of 3.5 percent, the largest since April for a nearby contract.