WINNIPEG: ICE Canada canola futures dipped on Thursday on profit-taking and an uptick in commercial hedges, halting a nine-day rally that was the longest since early 2012.
The November contract touched earlier the highest nearby price, $508.80, since June 20, as wet, cool weather continued to stall the Saskatchewan harvest.
November canola lost $2.70 at $501.70 per tonne. January canola shed $6 at $505.40.
November-January canola spread traded 14,669 times.
Chicago November soybeans dropped as the US dollar firmed and crude oil dropped.
NYSE Liffe November rapeseed and Malaysian January crude palm oil dropped.
The Canadian dollar was trading at $1.3198 to the US dollar, or 75.77 US cents at 12:43 p.m. CDT (1743 GMT), lower than Wednesday's close of $1.3127, or 76.18 US cents.
Canada harvest woes rally canola, turn some farmers into winners.
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