WINNIPEG, (Manitoba): ICE canola futures fell on Wednesday as high prices from recent worries about drought discouraged buying. A lack of fresh news on damage to canola from Canada's hot, dry weather added to pressure, with the market awaiting Thursday's weekly crop report from the Canadian province of Saskatchewan, a broker said.
November canola lost $11.40 at $883 per tonne. In Manitoba, the condition of canola ranges widely due to drought, the provincial government said. November-January canola spread traded 1,795 times. US soybean futures were firm as brokers weighed fears of declining crop ratings against forecasts for cooler temperatures next week and sluggish export demand for US supplies.
Euronext November rapeseed futures rose and Malaysian October palm oil futures dropped. China will need to import extra 2 million tonnes of soybeans to offset gap in canola supply, Archer Daniels Midland said.
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