ICE Canadian canola futures slipped on Wednesday for a third straight day, under pressure from weaker soya and commercial hedges as the harvest advances, traders said. Canola was underpinned by frost damage overnight on the Canadian Prairies and weaker Canadian dollar.
November canola futures fell $2.50 at $560.90 per tonne on volume of 12,147 contracts. January canola dropped $2.50 at $570.50 on volume of 3,829 contracts. November-January spread traded 3,513 times, settling at a January premium of $9.60. Chicago November soyabeans lost 9 US cents to US $13.82-3/4 per bushel on technical selling and anticipation of the US harvest. October soyaoil dropped 0.49 cent to 56.78 US cents per lb. MATIF November rapeseed rose 0.3 percent.
The Canadian dollar was trading at 0.9898 or US $1.0103 at 1:17 pm CDT (1817 GMT), down from Tuesday's North American session close at $0.9854 to the US dollar, or US $1.0148. US crude oil settled down 1.4 percent at US $89.59 per barrel. Freezing temperatures arrive in US Midwest.
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