ICE canola slips with US grains and soy

WINNIPEG: ICE Canada canola futures dipped on Thursday, following weaker US grains and soybeans, traders said.

* Planting season on Canadian Prairie nearly complete, weather seen moving to background.

* Canola could gain support in later trading as crude oil moves higher-trader.

* July-November spread busy early, trading 2,549 times, with November premium ranging from $1.60 to $3.00.

* July dropped $3.00 to $582.50 per tonne on volume of 2,676 contracts at 8:23 a.m. CDT (1323 GMT).

* New-crop November eased $3.50 to $585.20 on volume of 2,595.

* Traders see canola down $3 to $5 at Chicago Board of Trade open.

* CBOT soybeans called to open down 12 to 15 US cents per bushel on fund liquidation and technical selling tied to the strong US dollar and concerns about Greek debt.

* The Canadian dollar was trading at $0.9860 to the US dollar, or US$1.0142 at 8:17 a.m. CDT (1317 GMT), down from Wednesday's close at $0.9790 to the US dollar, or US$1.0215.

NYMEX crude oil futures rose 0.6 percent early at US$95.38 per barrel.

* German rapeseed crop to fall 24.5 million tonnes.

* Coming up: Saskatchewan crop report on Thursday morning.

Copyright Reuters, 2011