ICE Canadian canola futures slipped on Wednesday for a second straight session after the Canadian dollar rose on news that the US Federal Reserve would keep interest rates low until at least late 2014. Inter-month spreading accounted for most of the volume. March-May spread traded 3,944 times, settling at a May premium of $5.70.
Weaker soyabeans due to improving crop weather in Argentina, commercial hedges and a late drop-off in crusher buying seen softening canola. March fell $1.60 to $524.40 a tonne on volume of 8,690 contracts. May lost $1.70 to $530.10 on volume of 4,503 contracts. Chicago March soyabeans eased 6-1/2 US cents to US $12.13-1/2 per bushel. March soyaoil gained 0.04 cent to 51.39 US cents per lb. MATIF February rapeseed gained 1.1 percent.
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