ICE Canadian canola futures slipped on Monday, touching a one-week low, as investors took profits with US grains falling, traders said. Canola hit contract highs last week and some pullback is likely ahead of the April 24 Statistics Canada planting intentions report, a trader said. The report is expected to show record-high canola acreage.
Canola seen underpinned by modest crusher and exporter buying, with Canadian dollar weaker early in the session. May canola lost $5.70 at $620.20 per tonne on volume of 6,544 contracts. Dipped to $619.50, the contract's lowest price since April 9.
July canola gave up $5.30 to $615.20 per tonne on volume of 10,107 contracts. May-July spread traded 5,758 times, narrowing to a May premium of $5.00. July-November spread widened to a July premium of $41.20, trading 2,886 times. Chicago May soyabeans lost 16-3/4 US cents to US $14.20 per bushel on profit-taking. May soyaoil lost 0.86 cent to 55.66 US cents per lb. MATIF May rapeseed slipped 0.7 percent.