OTTAWA: ICE Canadian canola futures fell on Wednesday. Canola faced pressure from a strong Canadian dollar, a trader said. Canola looked less attractive on technical charts after peaking on Tuesday at the highest nearby price since October 2018 November canola fell $2.40 to $488.40 per tonne.
November-January canola spread traded 2,755 times. The Canadian dollar climbed to its highest in more than five months against its US counterpart. Canadian farmers are on track to harvest a record-large all-wheat crop and more canola than last year largely because of favourable crop conditions, according to estimates from farm advisory service FarmLink Marketing Solutions.
Manitoba has seen rapid growth and development of all crops over the past two weeks thanks to warm, sunny weather, the Canadian province said in its weekly crop report. US soyabean futures weakened with forecasts in key growing areas of the US Midwest calling for rains that will shepard the crop though critical stages of development weighing on the market.
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