ICE Canadian canola futures dipped on Wednesday to a nearly six-month low for a nearby contract, pressured by weakness in global vegetable oil markets. Malaysian palm oil fell to a five-year low and Chicago November soybeans slid on improving US yield prospects.
Trading was thin ahead of the release Thursday of the Canadian government's first farmer survey on yield and production. Trade expected, on average, Statistics Canada to estimate canola production of 14.5 million tonnes. But a trader said there is "room for surprises" in the report due to significant uncertainty in the industry about output.
November canola lost $2.70 at $424.20 per tonne, touching a new contract low. Chicago Board of Trade November soybeans slipped 14-3/4 US cents at US $10.38 per bushel. Malaysian October palm oil fell 1.1 percent. NYSE Liffe Paris November rapeseed gained 0.2 percent.