ICE Canadian canola futures fell to a nearly two-week low on Monday, pressured by rains in South America that looked to improve soyabean prospects. Canola's losses were more modest than declines for soyabeans, soyaoil and soyameal. Seen underpinned by China's ban on Indian rapeseed meal, which traders said has already lifted demand for Canadian canola.
May put options traded 1,500 times at $520, indicating possible export demand - trader. March canola lost $7.20, or 1.4 percent, to $517.20 a tonne on volume of 12,586 contracts. Touched $517, lowest price for the contract since January 17. May gave up $7.20 to $524.10 on volume of 7,962 contracts. March-May spread traded 6,730 times, settling at a May premium of $6.90. Index funds rolling March positions forward.
Chicago March soyabeans shed 33-3/4 US cents to US $11.85-1/4 per bushel, pressured by a firm US dollar and improved crop weather in South America. March soyaoil lost 1.34 cent to 50.25 US cents per lb. The Canadian dollar was trading at $1.0032 against the US dollar or 99.68 US cents at 1:16 pm CST (1916 GMT), down from Friday's close at $1.0007 to the US dollar, or 99.93 US cents.
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