ICE Canadian nearby canola futures fell on Wednesday in light hedge-related pressure, halting a three-session advance, traders said. Traders noted a pick-up in farmer selling this week in advance of seasonal springtime weight restrictions on rural roads, which can complicate the transport of grain.
May canola fell $1.10 to settle at $521.80 per tonne. July canola fell 80 cents at $526.80 while November rose $1.70 to $516.00 a tonne. The most-active May contract has been trading in a roughly $10 range between $515 and $525 for 11 sessions as brokers await fresh news.
Market direction could stem from the US Department of Agriculture's US planting intentions and quarterly stocks reports on Thursday. Analysts expect the USDA to project record-large US soyabean plantings for 2018 and the largest March 1 soya stocks on record. Chicago May soyabeans ended modestly lower on positioning ahead of the USDA's reports.
NYSE MATIF May rapeseed and Malaysian May crude palm oil fell. The Canadian dollar was slightly weaker against the greenback as the US currency firmed on stronger economic growth data and before data on Thursday that will give new information on the strength of the Canadian economy.
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