Canadian canola futures eased on Wednesday to the lowest price in over a week on technical selling and commercial hedges. Farmer selling seen picking up after recent six-month highs, drawing commercial hedges. Commodity funds trimmed their net long position. Pressure offset partly by exporter buying - trader.
May canola eased $1.20 to $589.50 per tonne on volume of 18,385 contracts. July canola slipped $1.70 to $588.00 per tonne on volume of 8,960 contracts. May-July spread traded 7,414 times, settling at a May premium of $1.50. July-November spread settled at a July premium of $$38.40, trading 2,336 times.
Chicago May soyabeans added 10 US cents to US $13.55 per bushel, on talk of Chinese demand and worries US farmers might not plant enough soyabeans this spring. May soyaoil gained 0.05 cent to 54.38 US cents per lb. MATIF May rapeseed ended unchanged. The Canadian dollar was trading at $0.9923 against the US dollar or US $1.0078 at 1:14 pm CDT (1814 GMT), up from Tuesday's North American session close at $0.9918 versus the US dollar, or US $1.0083. US light crude oil added 1.1 percent at $107.27 per barrel.