ICE Canadian canola futures dove on Thursday after a bearish US Department of Agriculture report, and the nearby contract posted its first quarterly loss in five quarters. July canola notched a 1.8 percent weekly loss, 5 percent monthly loss, a quarterly drop of 5.6 percent and was down 4 percent for the first half of 2011.
Most-active November posted 7 percent monthly loss, dropped 1.9 percent for the week. Total market volume was a thin 11,900 contracts, possibly due to uncertainty about markets on Friday. ICE Canada exchange will be closed for Canada Day holiday while US markets remain open. November fell $16.10 or 2.8 percent at $552.60 on volume of 10,212. Dipped to $550.70, its lowest price since May 6.
July down $25 at $560.20 per tonne with a light 882 contracts traded. July-November spread traded 820 times and narrowed to a $7.60 July premium. Total canola open interest dropped on Wednesday to 148,074 contracts, lowest since September 3, 2010. US corn futures fell the maximum daily limit after a government report said farmers planted more acres than expected, pulling down other US crops and canola. Chicago July soyabeans tumbled 28 US cents or 2.1 percent to US $13.06-1/4 per bushel. July soyaoil fell 0.79 cent to 55.04 US cents per lb.