ICE Canadian canola futures eased on Thursday in a directionless session marked by caution ahead of a key speech by US Federal Reserve Chairman Ben Bernanke on Friday. Canola underpinned by smaller-than-expected production estimate on Wednesday from Statistics Canada.
Harvest pressure seen building in coming days. Five percent of Saskatchewan canola has been combined, 35 percent swathed or ready to straight-cut. Weaker soyabeans and soyaoil modestly weighed down canola. November canola futures lost 20 cents at $561.90 per tonne on volume of 9,358 contracts. January canola lost 30 cents at $570.50 on volume of 4,101 contracts. November-January spread traded 3,198 times, settling at a January premium of $8.60. Chicago September soyabeans dipped 1/2 US cent to US $13.86 per bushel. September soyaoil lost 0.18 cent to 55.60 US cents per lb.
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