ICE canola futures drop

WINNIPEG, (Manitoba): ICE canola futures plunged on Monday, halting a 10-day winning streak, as forecasts showed favourable rains moving into the Midwest and traders expected lower US markets when trading resumed in the United States on Tuesday. Weak canola liquidity during a US market holiday exaggerated the drop, which was helped by lower European rapeseed prices, a broker said. Hot, dry weather continues to threaten Canadian crops.

Most-active November canola lost $29.50, or 3.6%, to $801.40 per tonne.

November-January canola spread traded 1,327 times.

Euronext November rapeseed futures fell sharply, pressured by forecasts for rain relief for North American crops and expected larger harvests in Europe.