Canadian canola snaps six-day winning streak

ICE Canadian canola futures snapped a six-day winning streak on Thursday, as early contract highs gave way to commercial hedges and US soya markets spilled over pressure, traders said. Crushers bought early, pushing March, July and November to contract highs-trader. Routine exporter buying underpinned the market.
March ended down $4.50, or 0.7 percent, at $607.50 on volume of 8,779 contracts. Touched $613.70, highest price since July 23, 2008. May down $4.40 at $616, volume 3,818. March-May spread traded 2,523 times, settling at $8.50, premium May. Chicago March soyabeans settled down 8-1/2 US cents, or 0.6 percent, at US $14.35-1/2 per bushel.