ICE Canadian canola futures dropped on Wednesday for a third straight session, pressured by long liquidation. Fund selling seen adding to canola's declines, with the November contract trading below its 50-day and 100-day moving averages. Traders and analysts estimate Canadian canola plantings to be flat from last year, but up 3.9 percent from Statistics Canada's April estimate of planting intentions.
July canola lost $3.90 to $480 per tonne. November canola gave up $2.70 at $490.90 per tonne. July-November canola spread traded 5,199 times. Chicago nearby soybeans rose on bargain-buying and talk of fresh US export sales. NYSE Liffe August rapeseed and September Malaysian palm oil dropped. The Canadian dollar was trading at $1.2842 to the US dollar, or 77.87 US cents, at 1:18 pm CDT (1818 GMT), lower than Tuesday's close of $1.2811, or 78.06 US cents.