ICE Canadian canola dipped on Wednesday, snapping a three-day winning streak, weighed down by stronger soyoil prices and a firm Canadian dollar. November contract touched earlier its 50-day moving average price around $478.70 per tonne, before slipping. Breaking through that level is expected to trigger short-covering by funds. November canola lost $2.60 to $474.50 per tonne.
January canola gave up $2.50 to $479.40 per tonne. November-January spread traded 2,706 times. Chicago November soybeans rose on position-squaring ahead of Friday's US Department of Agriculture report. Malaysian November palm oil fell and NYSE Liffe Paris November rapeseed rose. The Canadian dollar was trading at $1.3033, or 76.73 US cents at 12:50 p.m. CDT (1750 GMT), little changed from the Bank of Canada's official close of $1.3027, or 76.76 US cents on Tuesday.