Canadian canola futures drop

ICE Canadian canola futures dipped on Wednesday as farmer selling picked up and caused commercial hedge selling and the Canadian dollar rose, traders said. Stronger US soybeans and grains underpinned canola, while strong economic growth data in China lifted commodities and stocks.
Canola total open interest fell on Monday to 143,191 contracts, the lowest since August 25, with market lacking fundamental direction and range-bound. November eased $2.00 at $566.00 per tonne on volume of 752 contracts by 8:26 am CDT (1326 GMT). January lost $2.90 to $573.00 on volume of 63. Traders see canola down $2 to up $2 at Chicago Board of Trade open. Chicago August soyabeans rose 0.7 percent overnight to US $13.64-1/4 per bushel, boosted by strong corn prices. August soyaoil gained 0.8 percent to 56.87 US cents per lb. MATIF November rapeseed rose 0.5 percent as of 8:15 am CDT (1315 GMT).