ICE canola futures dip for first time in 4 sessions
- Canola faces seasonal pressure as the Canadian harvest advances, replenishing supplies, traders say.
- November-January canola spread traded 3,657 times.
WINNIPEG: ICE canola futures dipped on Thursday for the first time in four sessions, pressured by a rising Canadian dollar.
Canola faces seasonal pressure as the Canadian harvest advances, replenishing supplies, traders say.
In the Canadian province of Saskatchewan, 92% of canola has been harvested.
November canola lost $2.60 to $522.80 per tonne.
November-January canola spread traded 3,657 times.
The Canadian dollar strengthened to a more than two-week high against the greenback as oil prices rose.
US soybean and corn futures declined slightly but were underpinned by strong export demand and dry weather in Brazil.
Euronext November rapeseed futures eased and Malaysian December palm oil futures edged higher.
The United Kingdom's rapeseed harvest this year is forecast at 1.07 million tonnes, down 39% from the previous season.
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