ICE Canadian canola futures fell more than 1 percent on Wednesday in a broad commodities sell-off triggered by concerns over the global economy as debt-ridden Greece awaited fresh bailout money to avoid bankruptcy. Traders said the market was also pressured by US soybeans, with the November contract dropping the most in percentage terms in 6-1/2 months.
But a drop in the Canadian dollar against the greenback, which helps exports. helped to limit the losses. Farmer selling was limited even though harvest weather was favourable. November canola futures fell $8.20 at $526.70 per tonne on volume of 19,028 contracts.
January canola fell $7.90 to $537.20 on volume of 4,261 contracts. Chicago Board of Trade November soybeans fell 39-1/2 US cents to US $12.23-1/2 per bushel. MATIF November rapeseed fell 0.8 percent to 435.25 euros per tonne. The Canadian dollar was trading at $1.0319 or 96.90 US cents, down from Tuesday's North American session close of $1.0204 to the US dollar, or $98.00 US cents. US crude oil fell nearly 4 percent to close at US $81.21 per barrel.
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