Canadian canola futures slipped on Thursday for the third straight session, pressured by speculator selling after a long run higher and commercial hedge-selling to offset farmer cash sales, traders said. The nearby canola contract is up nearly 12 percent in 2012 on a continuous chart, despite three straight losses. Market is overdone and due for correction - trader.
May canola eased 90 cents to $588.60 per tonne on volume of 13,324 contracts. July canola slipped $1.10 to $586.90 per tonne on volume of 5,625 contracts. May-July spread traded 4,842 times, settling at a May premium of $1.70. July-November spread settled at a July premium of $37.80, trading 1,159 times.
Chicago May soyabeans lost 5-1/2 US cents to US $13.49-1/2 per bushel. May soyaoil gave up 0.42 cent to 53.96 US cents per lb. MATIF May rapeseed eased 0.2 percent. The Canadian dollar was trading at $0.9999 against the US dollar, or US $1.0001, at 1:57 pm.
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