Canadian canola futures dip

WINNIPEG: ICE Canadian canola futures dipped on Wednesday, pressured by lower soyabean prices and an increase in farmer canola sales to commercial buyers. Rain in forecasts for dry areas of southeast Saskatchewan and southwest Manitoba added to bearish sentiment, a trader said.

Most active November canola lost $2.80 to $471.50 per tonne. Canola prices were underpinned by tight supplies of top quality canola for the near term, a market source said.

US soyabean futures eased and corn futures were mostly lower as forecasts for rains and limited crop-stressing heat across the Midwest farm belt bolstered production prospects. Euronext August rapeseed futures and Malaysian September palm oil futures ended lower.