ICE Canadian canola futures edged down on Wednesday mostly on lower soyabean and soy oil prices.

Canola held relatively steady, a trader said, despite weakening US grains markets, but continued strength in the canola market will depend on whether US grains markets rally. There was no technical selling or sales to the cash market by farmers, who are currently focused on spring seeding.

Most-active July canola fell 60 cents to $471.50 per tonne.

New-crop November canola contract rose

July-November canola spread traded 4,039 times.

Canola and sunflower planting has begun in the Northwest and Eastern regions, the Manitoba government said in its weekly crop report.

US corn and soyabean futures declined as a speedy US planting pace supported expectations for large harvests. Traders shrugged off support from confirmation of fresh US soyabean sales to China.

The Canadian dollar strengthened against its US counterpart.

Euronext August rapeseed futures and Malaysian July palm oil futures rose.