Canadian canola futures fall

ICE Canadian canola futures dipped on Wednesday, pressured by a rising Canadian dollar and modest hedges by commercials against crop purchases from farmers. Canola prices were underpinned by fund short-covering of about 2,000 contracts, a trader said, leaving funds with an estimated net short position of less than 10,000 contracts. March canola eased 10 cents to $503.80 per tonne.
May canola shed 50 cents to $508.50 per tonne. March-May canola spread traded 4,351 times. Chicago March soyabeans rose on technical buying and weather woes in Argentina. NYSE MATIF May rapeseed and April Malaysian palm oil slipped. The Canadian dollar was trading at $1.2522 to the US dollar, or 79.86 US cents at 1:18 pm CST (1918 GMT).