ICE Canadian canola futures fell to a three-week low on Thursday after the US Department of Agriculture said the United States will have far more corn and soyabeans left at the end of this marketing year than expected. Canola rallied later in the session to settle with only modest losses after farmer panic selling dried up and with exporters pricing sales - trader.
Modest technical selling seen adding to canola's weakness. Most-active March canola futures lost $3.60, or 0.7 percent, to $520.30 a tonne on brisk volume of 17,175 contracts. March canola touched low of $508.70, the weakest price in three weeks. May gave up $3.20 to $524.50 on volume of 3,976 contracts.
March-May spread traded 2,859 times, settling at a May premium of $4.20. Chicago March soyabeans lost 20-1/2 US cents to US $11.82-1/2 per bushel. March soyaoil lost 0.43 cent to 51.46 US cents per lb. MATIF February rapeseed lost 0.9 percent. The Canadian dollar was trading at $1.0196 against the US dollar or 98.08 US cents at 1:32 pm CST (1932 GMT), down slightly from Wednesday's North American session close at $1.0193 to the US dollar, or 98.11 US cents. US crude oil futures lost 1.8 percent to US $99.10 per barrel on report that Iran embargo is delayed.
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