ICE canola at 2-week low after US crop: report

WINNIPEG: ICE Canada canola futures fell on Monday to a more than two-week low after the US Department of Agriculture raised its soybean production forecast, suggesting more comfortable oilseed supplies, traders said.

* Frost forecast by Environment Canada for parts of theCanadian Prairies on Wednesday underpinned, with harvest still under way.

* November canola futures fell $7.10 or 1.2 percent at $565.90 per tonne on volume of 12,203 contracts. Touched $562.10, the lowest price since Aug. 26.

* January canola dropped $6.90 at $575.70 on volume of 3,138 contracts.

* November-January spread traded 2,873 times, settling at a January premium of $9.80.

* Chicago September soybeans lost 29 US cents to US$13.87-1/2 per bushel. September soyoil fell 0.95 cent to 57.25 US cents per lb.

* MATIF November rapeseed settled down 0.4 percent.

* The Canadian dollar was trading at 0.9974 or US$1.0026 at 1:17 p.m. CDT (1817 GMT), down from Friday's North American session close at $0.9960 to the US dollar, or US$1.0040.

* US crude oil settled up 1.1 percent at US$88.19 per barrel.

* US Department of Agriculture shrinks corn crop, lifts soy production.

Copyright Reuters, 2011