ICE Canadian canola futures dropped on Tuesday on pressure from a falling soybean market that spurred long liquidation, traders said. The benchmark May contract dropped below its 20-day and 30-day moving averages but bargain buyers pulled prices from their lows after the contract fell below its 100-day moving average.March canola settled down $4.30 to $526.60 per tonne. ICE reported no new deliveries against the contract. Most-active May canola dropped $8.30 to $523.60 per tonne.
May-July canola spread traded roughly 1,684 times, with the July premium gaining 30 cents. Chicago Board of Trade May soybeans settled 12 cents lower at US$10.25-1/2 per bushel. NYSE Liffe May rapeseed dropped 1.4 percent while Malaysian palm oil shed 1.2 percent. The Canadian dollar held its ground against a broadly firmer greenback as oil prices rose and domestic data showed a third consecutive monthly trade surplus in January.
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