ICE Canadian canola futures mostly dipped on Thursday, weighed down by weaker soyabean futures followed by technical selling, traders said. Funds sold nearby May with the key contract below most moving averages - trader. Concerns about wet planting conditions lifted new-crop November. July-November spread traded a brisk 1,612 times, cutting the old-crop July premium to fresh 10-month low of $7.60.
Environment Canada warned of heavy snowfall Thursday for southern and cental Alberta areas, adding to already wet conditions. May canola slipped $2.20 to $570.30 per tonne, on volume of 11,533 contracts.