ICE Canadian canola futures eased in choppy early trading on Thursday, following a weaker bias in US grains and soya, traders said. Canola market seen sound fundamentally, despite Statistics Canada's report on Wednesday of larger than expected Canadian canola stocks. Summer heat stress resulting in poor yields in Western Canada - trader.
Trade awaiting Monday's US Department of Agriculture monthly report. Total canola open interest of nearly 189,000 as of Tuesday was highest since March 14. November canola futures dipped $1.10 at $570.20 per tonne on volume of 1,114 contracts at 8:21 am CDT (1321 GMT).
January canola dropped $1.30 at $579.50 on volume of 661 contracts. Back months higher. Traders see canola mixed at Chicago Board of Trade open. MATIF November rapeseed gained 0.7 percent at 8:14 am CDT (1314 GMT). The Canadian dollar was trading early at 0.9863 or US $1.0141, down from Wednesday's North American close of $0.9855 versus the US dollar, or US $1.0147. US crude oil gained 0.4 percent early at US $89.66 per barrel.
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