ICE Canadian canola futures fell more than 1% on Wednesday on spillover weakness from allied US soya futures along with long liquidation by speculators and lackluster export demand, traders said.
A firmer Canadian dollar added to bearish sentiment, making Canadian products less competitive on the global market. At 2:32 p.m. CST (2032 GMT), the Canadian dollar was trading at 1.3171 to the greenback, or 75.92 US cents, up from Tuesday's close near 1.3225 cents or 75.61 US cents.
January canola settled down $5.30 at $453.50 per tonne, while March futures ended down $5.20 at $462.80.
Spreading remained a feature as traders worked to roll January positions into deferred contracts ahead of the end-year holidays, when liquidity tends to erode. The January-March canola spread traded 10,354 times between $9 and $9.40, premium March.
Chicago Board of Trade soyabean futures fell as investors locked in profits after six straight days of gains. CBOT January soybeans settled down 7-3/4 US cents at US$8.93-1/2 per bushel.
CBOT traders shrugged off news of fresh US soyabean sales to China as they awaited concrete signs of progress toward a phase-one US-China trade deal.
Euronext February rapeseed futures fell 0.3% and Malaysian February palm oil futures fell 0.8%.
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