ICE Canadian canola futures dipped on Wednesday, pressured by weak demand and abundant supplies. Canola prices are caught in a "tug of war" between concerns about delayed US planting that underpin crop prices, and bearish factors such as Canada's dispute with canola buyer China, a trader said. Planting weather has been favorable in Western Canada, although there are concerns about crop development due to dry conditions.
July canola lost 90 cents to $441.50 per tonne, giving up earlier gains. July-November canola spread traded 3,705 times. Chicago July soyabeans rose on short-covering and US planting concerns. Paris Matif August rapeseed futures and Malaysian July palm oil futures rose. The Canadian dollar weakened to a nearly one-week low against its US counterpart as stocks and oil prices fell and as domestic data showed evidence of lower underlying inflation.

Copyright Reuters, 2019

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