ICE Canadian canola futures drifted lower on Thursday, following declines in US soy markets tied to rising estimates of Brazil's likely record-large soybean harvest, traders said. Canola had underlying support from light commercial buying and a lack of farmer selling, along with a weakening Canadian dollar. March canola settled down 70 cents at $529.50 per tonne.
Most-active May canola fell 70 cents at $526.50 per tonne. Chicago Board of Trade May soybeans ended down 10-3/4 US cents at US$10.11 per bushel. NYSE Liffe May rapeseed dipped 0.24 percent and Malaysian May palm oil fell 1.25 percent. The Canadian dollar hit a two-month low against the greenback as US crude oil prices traded below $50 a barrel and the gap between US and Canadian yields widened.
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