ICE Canadian canola futures dipped on Tuesday for the third straight day, touching the lowest nearby price in four weeks, as recent rains improved crop prospects in Western Canada. Rain in the past week has offered some relief to Western Canadian farmers. Weaker soyaoil prices and technical selling added to canola's drop, a trader said.
July canola gave up $6.30 to $445.80 per tonne. Most-active November canola shed $9 to $456.10 per tonne. Technical selling was seen after the contract fell below its 50-day moving average around $462. July-November canola spread traded 4,643 times.
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