ICE Canadian nearby canola futures declined on Tuesday for a second straight session on technical selling and spillover pressure from allied US soyabean futures, traders said. Spreading accounted for most of the day's trading volume as commodity funds continued to roll positions in the May futures contract into forward months.
Fundamental news was lacking. Traders awaited Statistics Canada's April 24 report on area planted to principal field crops. May canola ended down $1.20 at $454.50 per tonne. July canola settled down $1.50 at $462.20 per tonne and November ended down $1.10 at $473.90 per tonne.
The May-July spread traded 12,078 times between $7.40 and $8, premium July. Chicago Board of Trade May soyabeans settled down 10-3/4 US cents at US$8.88 per bushel on a lack of fresh news about talks to resolve the US trade war with China, traders said. Paris Matif May rapeseed futures fell 0.42 percent while Malaysian June palm oil futures rose 0.61 percent.
The Canadian dollar firmed against its US counterpart, recovering from an earlier 11-day low as gains for US stocks futures and higher oil prices offset weaker-than-expected domestic manufacturing data.