WINNIPEG: ICE canola futures fell on Monday with soyoil and as rain reached parts of the parched Canadian Prairies, halting a four-day winning streak for prices. Rain fell on parts of the Prairies over the weekend to Monday, but much of the damage from the drought is done, with the harvest under way.
The rains will boost yields modestly, but smoke from widespread forest fires may affect quality, a trader said. November canola lost $9.60 to $882.20 per tonne in thin volume. November-January canola spread traded 931 times.
US soyaoil futures led the way down for global vegetable oils, tracking a drop in crude oil. Euronext November rapeseed futures and Malaysian October palm oil futures dipped.