Canadian old-crop canola futures slipped on Tuesday due to profit-taking and pressure from weaker Chicago soyabeans, but new-crop months were higher. Tight old-crop supplies have boosted the nearby contracts, but Tuesday's premium on new-crop months may be an attempt to buy acres ahead of planting - trader.
Canadian farmers are expected to start planting ahead of schedule this month amid dry conditions. Canola open interest was 213,363 contracts as of Monday, close to a record high. Reflects large positions by managed money - trader. May canola lost 30 cents to $620.50 per tonne on volume of 10,266 contracts.
July canola shed 60 cents to $617.50 per tonne on volume of 8,629 contracts. Deferred months were higher, with new-crop November climbing $2.90 per tonne to $580.90. May-July spread traded 6,260 times, settling at a May premium of $3.00. July-November spread narrowed to a July premium of $36.60, trading 2,266 times.
Chicago May soyabeans lost 4-1/4 US cents to US $14.16-3/4 per bushel. May soyaoil lost 0.26 cent to 55.90 US cents per lb. MATIF May rapeseed eased slightly. The Canadian dollar was trading at $0.9922 against the US dollar, or US $1.0079 at 1:15 pm CDT (1815 GMT), down from Monday's close at $0.9903 against the US dollar, or US $1.0098. US light crude oil fell 1.2 percent to $104.01 per barrel.
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