ICE Canadian canola futures fell 1.0 percent to their lowest in more than three weeks on Thursday on seasonal harvest pressure and strength in the dollar, traders said. Some crushers hedged purchases made on the cash market as harvesting picked up amid dry weather, a trader said.
November canola dropped $5.20 at $492.00 per tonne on volume of 13,954 contracts. The Canadian dollar strengthened on Thursday to a 2-year high against its US counterpart as the market weighed prospects of additional Bank of Canada interest rate hikes.
January canola ended $5.20 lower at $498.70 per tonne on volume of 7,151 contracts. The November-January spread traded 3,806 times. Chicago Board of Trade November soybeans settled 2-1/4 US cents lower at US$9.68-3/4 per bushel.