ICE canola slips with US grains, crude

WINNIPEG: ICE Canada canola futures fell on Monday, following weaker US grains and crude oil, traders said.

* Nearby July canola has dropped five of the last seven sessions, with last week's report on record-large Canada plantings overhanging.

* July-November spread continues to be major trading feature with strong July premium. Traded a brisk 842 times early.

* July dropped $4.80 at $575.00 per tonne on volume of 855 contracts at 8:38 a.m. CDT (1338 GMT).

* Most-active November slid $3.90 at $562.00 on volume of 1,729.

* Traders see canola down $1 to $2 at Chicago Board of Trade open.

* CBOT soybeans called to open down 4 to 6 US cents per bushel amid weak financial markets. Wheat and corn also called lower.

* Canadian dollar was trading at $0.9905 to the US dollar, or US$1.0096 at 8:35 a.m. CDT (1335 GMT), down from Friday's close at C$0.9870 to the US dollar, or US$1.0132.

* NYMEX crude oil futures dropped 1.3 percent early at US$89.94 per barrel.

* Coming up: Manitoba crop report on Monday afternoon.

Copyright Reuters, 2011