ICE Canadian canola futures fell on Tuesday to the May contract's lowest price in nearly a year, pressured by weak soyoil prices and strength in the Canadian dollar. Funds were modest technical sellers, but the market was underpinned by a slow pace of farmer selling to the cash pipeline, a trader said.
Most-active May canola fell $2.90 at $446.80 per tonne. Nearby March canola shed $1.20 at $444.80 per tonne in thin volume. ICE reported deliveries of 1,579 contracts, with expiry on March 14. May-July canola spread traded 2,064 times. Chicago March soybeans dropped on pressure from the South American harvest and firm US dollar. Malaysian May palm oil and NYSE Liffe Paris May rapeseed eased. The Canadian dollar was trading at $1.3390 to the greenback, or 74.68 US cents at 1:02 pm CST (1902 GMT), higher than Monday's close at $1.3531 to the greenback, or 73.90 US cents.
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