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Markets

ICE canola falls on weakness in CBOT soybeans

Published Updated

CanolaWINNIPEG: ICE Canada canola futures fell on Tuesday, following a drop in soybean futures at the Chicago Board of Trade.

* Farmers were moving most of their crops into storage bins as harvest winds down, which traders said was providing some support to prices and limiting declines.

* November canola futures dropped $2.40 to $531.30 per tonne on volume of 8,082 contracts.

* January canola down $2.80 at $541.40 on volume of 6,051 contracts.

* Investors moving November canola positions to January ahead of the nearby contract's expiry.

* November-January spread traded 1,524 times, settling at a January premium of $10.10

* Chicago November soybeans fell 2-1/4 US cents to US$12.50-3/4 per bushel. December soyoil fell 0.20 cent to 52.70 US cents per lb.

* MATIF November rapeseed was close to unchanged after falling nearly 1 percent earlier in the day.

* The Canadian dollar was trading at $1.0178 or 98.22 US cents, up from Monday's North American close at $1.0221 against the US dollar, or 97.84 US cents.

* US crude oil was up $1.96 at US$88.34 per barrel.

Copyright Reuters, 2011

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