ICE Canadian canola futures slipped on Thursday to their biggest daily loss in 10 days, as fresh concerns about global growth drove investors away from most commodities and stocks. Canola's losses were relatively modest, with the crop seen as underpinned by limited farmer selling, crusher demand and a weakening Canadian dollar, which makes Canadian exports more competitive.
Total volume of 7,400 was second-lowest in six weeks as investors stayed on sidelines amid broad markets plunge. Canola seen with no clear direction from fundamentals. Swathing of canola in Saskatchewan 12 percent complete as of August 15, overall harvest slightly behind schedule. November canola futures lost $4.10 or 0.7 percent at $553.50 per tonne on volume of 5,149 contracts. January canola dropped $4.10 at $561.90 on volume of 1,328 contracts. November-January spread traded 1,237 times, settling at a January premium of $8.40.
Chicago September soybeans slipped 4-3/4 US cents to US $13.52 per bushel, weakened by global growth concerns and a strong US dollar. MATIF November rapeseed settled down 1.1 percent. The Canadian dollar was trading around $0.9899 to the US dollar, or US $1.0102 at 1:27 pm CDT (1827 GMT), down from Wednesday's close at $0.9797 to the US dollar, or US $1.0207.
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