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WINNIPEG: ICE Canadian canola futures dropped on Monday, halting a four-day winning streak, under pressure from a stronger Canadian dollar and profit-taking.
Underlying support was seen from soyaoil price strength and dry conditions in parts of Brazil’s soyabean-growing region, a trader said. January canola lost $1.20 to $559.30 per tonne.
January-March canola spread traded 3,376 times.
US soyabean futures rose for a second straight session, holding near a more than four-year high hit last week, on strong demand from top buyer China. Euronext February rapeseed futures and Malaysian February palm oil futures dipped. European Union and United Kingdom rapeseed imports in 2020/21 reached 2.60 million tonnes, down 18% versus 2019/20.—Reuters