ICE Canada canola futures fell on Wednesday with weakness in US grain and oilseed markets and as investors thinned long positions, traders said. Bearish US Department of Agriculture data weighed down corn, soya and wheat futures, spilling pressure onto canola. Light canola volume of about 11,500 contracts may have exaggerated the move - trader.
Most-active July fell $8.40 or 1.5 percent to $565.30 on volume of 7,012 contracts. Snapped three-day winning streak. New-crop November down $6.90 at $560.30 on volume of 3,888. No May contracts delivered on Wednesday, with open interest zero ahead of Friday expiry.
July premium over November slipped to $5.00, as USDA report was more bearish for old crop. Spread traded 3,097 times. Chicago July soyabeans ended down 6-1/4 US cents or 0.5 percent at US $13.31-3/4 per bushel. July soyaoil down 0.50 cent at 56.30 US cents per lb.
The Canadian dollar was trading at $0.9626 to the US dollar or US $1.0388 as of 1:36 pm CDT (1836 GMT), down from Tuesday's North American session close at $0.9577 to the US dollar, or US $1.0442. NYMEX crude oil futures settled down 5.5 percent at US $98.21 per barrel as easing supply concerns sent gasoline into a tailspin.