ICE Canadian canola futures fell to a five-week low on Thursday, reflecting early weakness in US grains, plunging crude oil futures and a bearish Canada planting report, traders said. July pared losses late and rose to a more than two-month high premium over November as strong prices in cash market seeped into nearby futures-trader.
Statistics Canada estimated record-high 19.8 million acres of canola plantings, but trade skeptical of estimate. Commodity funds sold 2,500 November canola contracts to even net position-trader. Lack of Saskatchewan planting progress in final week gave canola some support.
July slipped $2.80 or 0.5 percent at $570.40 per tonne on volume of 5,440 contracts. Touched low of $557.20, lowest nearby price since May 17. Most-active November dropped $9.40 at $563.40 on volume of 12,975. July-November spread traded 5,026 times and settled at a $7.00 premium on July. Chicago July soyabeans fell 12-1/2 US cents or 0.9 percent to US $13.17-3/4 per bushel. July soyaoil down 1.00 cent to 55.15 US cents per lb.
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