WINNIPEG, (Manitoba): ICE canola futures dropped on Friday for a second straight day, weighed down spill-over pressure from weaker US crops on forecasts for beneficial rains in the US Midwest.
Canola on the Canadian Prairies needs more consistent moisture, but is progressing OK overall, a trader said. Most-active November canola lost $10 to settle at $705.10 per metric ton. July-November canola spread, the most active inter-month spread, traded 4,110 times.
Chicago Board of Trade corn and soybean futures fell to one-week lows as weather projections pointed to significant rain in parts of the Midwest, which analysts said could bolster crop conditions. Euronext August rapeseed futures also dropped. Industry sources expect, on average, Statistics Canada on Wednesday to estimate Canadian canola plantings of 21.8 million acres, up from 21.4 million last year.
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