ICE Canadian canola futures fell on Thursday on spillover weakness from a 2 percent decline in US soybean futures. But declines were limited by concerns about dry weather limiting canola production this year. July canola dropped $1.80 to $499.70 per tonne. November canola also fell $1.00, closing at $499.50 per tonne. July-November canola spread traded 1,627 times.
Volume was thin as traders awaited key data on canola stockpiles to be released by Statistics Canada on Friday. Analysts expect a 12 percent fall from a year earlier. Chicago July soybeans fell on profit taking as investment funds locked in gains made on recent rallies.