ICE Canadian canola futures fell for a fourth day in a row on Thursday, with some farmer selling on the cash market pressuring futures, traders said. Some recent rains in key growing areas have stabilised the canola crop, which had been threatened by dry weather for much of its development, adding further pressure to prices. The rains boosted farmers' confidence in harvest, sparking the round of sales. The November canola contract settled $7.60 lower at $517.00 a tonne, trading 13,252 times.
January canola fell $7.10 to $516.50 a tonne on volume of 1,730 contracts. The November-January spread, traded 1,228 times in a range from 0.30 over to $1.40 over before settling at a 50 cent November premium.
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