WINNIPEG, (Manitoba): ICE canola futures dipped on Thursday, pressured by a strong Canadian dollar and weaker soybean and rapeseed markets.
Export sales, which may have supported canola earlier in the week, have now been factored into the market, and prices fell, a trader said.
Canola was also seen hitting resistance above $900 a tonne, due to the higher price prompting Canadian farmers to sell more of their crop. Most-active January canola lost $8.30 to settle at $883.20 per tonne. The contract fell for the third time in four sessions but has traded in a tight range since early October.