ICE Canadian canola futures fell on Wednesday on technical selling and profit-taking a day after the May contract set a one-month high, traders said. Farmer selling slowed after a flurry of movement on Tuesday, they said. A setback in the Canadian dollar lent underlying support to prices, although the currency's strength since mid-January has been a drag on export demand for canola.
Most-active May canola settled down $3.50 at $469.50 a tonne on volume of 11,967 contracts. July canola ended down $3.50 at $474.10 per tonne on volume of 6,459 contracts. Malaysian palm oil futures fell for the first time in five sessions, dropping from a two-year high. May palm oil settled down 0.6 percent and NYSE Liffe Paris May rapeseed fell 0.8 percent.