ICE Canadian canola futures fell on Monday to their biggest loss in more than two weeks, as improving US crop weather weighed down agricultural futures, traders said. Farmer canola selling may have drawn some commercial hedges and exporter demand appears light-trader.
US markets added bearish influence to canola, as corn prices fell with hot US Corn Belt weather turning more favourable for crops. Hot weather in Canadian Prairies underpins. Heat has cut yield potential of some Canadian canola. November tumbled $7.20 or 1.3 percent at $568.20 per tonne on volume of 10,386 contracts. January dropped $7.30 at $575.70 on volume of 872.
November-January spread traded 700 times, settling at a January premium of $7.50. Chicago August soyabeans eased 1/4 US cent to US $13.85-1/2 per bushel. August soyaoil dropped 0.43 cent to 56.92 US cents per lb.
MATIF November rapeseed settled down 0.7 percent. Canadian dollar was trading at $0.9597 to the US dollar, or US $1.0420 at 1:15 pm CDT (1815 GMT), down from Friday's close at $0.9543 to the US dollar, or US $1.0479. NYMEX crude oil settled down 1.4 percent at US $95.93 per barrel.