WINNIPEG, (Manitoba): ICE canola futures dropped on Tuesday for a sixth straight session, pressured by rains that eased worries about dry Canadian Prairie soils.
Quiet demand and weaker soy prices also weighed down canola, an analyst said. Most-active November canola lost $9.50 to $697.30 per tonne.
November-January canola spread traded 1,190 times.
US soybean futures dropped on stronger harvest prospects after rains in the Midwest. Euronext August rapeseed futures dipped and Malaysian August palm oil futures climbed.
Ceres Global Ag Corp said it will build a canola-crushing facility near the US-Canadian border in Northgate, Saskatchewan, the latest project to capitalize on surging oilseed demand.
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