ICE Canadian canola futures fell on Thursday the most in five weeks, on a percentage basis, weighed down by selling by farmers and funds and spillover pressure from weaker soy and grains, traders said. Funds sold estimated 4,500 contracts on technical weakness - trader. Routine buying by exporters and some crusher buying underpinned the market. Total volume of more than 29,000 contracts was most active since December 17, 2010.
November canola futures fell $9.50 or 1.7 percent at $551.40 per tonne on volume of 20,390 contracts. Touched $550.90, lowest price since August 22 and dropped for the fourth straight day. January canola dropped $9.40 at $561.10 on volume of 5,723 contracts. November-January spread traded 5,383 times, settling at a January premium of $9.70. Canola supported by frost this week on the Canadian Prairies. Saskatchewan harvest well ahead of schedule, Alberta behind.
Chicago November soybeans lost 24 US cents to US $13.58-3/4 per bushel or 1.7 percent after worries eased about frost damaging US crops. October soyoil gave up 0.56 cent to 56.22 US cents per lb. MATIF November rapeseed settled down 1.3 percent. The Canadian dollar was trading at 0.9837 or US $1.0166 at 1:15 pm CDT (1815 GMT), up from Wednesday's North American session close at $0.9908 to the US dollar, or US $1.0093.