ICE Canadian canola futures dropped on Thursday, extending their four-day slide on pressure from favorable warm Canadian crop conditions and technical selling. In Saskatchewan, 94 percent of oilseeds were at or ahead of their normal stage of development for this time of year, the government said. July canola lost $6.80 to $473.20 per tonne. November canola gave up $5.70 at $485.20 per tonne.
July-November canola spread traded 5,847 times. Chicago nearby soybeans fell on technical selling and spillover pressure from corn. NYSE Liffe August rapeseed dipped and September Malaysian palm oil rose. The Canadian dollar was trading at $1.2774 to the US dollar, or 78.28 US cents at 12:49 pm CDT (1749 GMT) higher than Wednesday's close of $1.2839, or 77.89 US cents. 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.