ICE Canadian canola futures declined on Thursday with the front four contract hitting life-of-contract lows on technical selling and worries about exports to China, traders said. The market shrugged off support from scale-down buying, a slight upturn in allied US soyabean futures and a weaker Canadian dollar, which tends to make Canadian products more competitive globally. May canola ended down $2.10 at $449.10 per tonne after setting a contract low at $447.90.
July canola settled down $1.50 at $457.20 per tonne after recording a contract low at $456, and November ended down $1.60 at $468.80 per tonne after dipping to $467.70. Commodity funds continued to roll positions in the May futures contract into forward months. The May-July spread traded 8,320 times between $7.30 and $8.10, premium July. Traders await Statistics Canada's April 24 report on principal field crops area.
Chicago Board of Trade May soyabeans settled up 1-1/2 US cents at US$8.80-1/2 per bushel on positioning on Thursday after dropping to their lowest price since November, traders said. Paris Matif May rapeseed futures rose 0.55 percent and Malaysian July palm oil futures fell 1 percent. The Canadian dollar fell against its US counterpart as data showing a rise in Canadian retail sales was overshadowed by strong US retail sales numbers that pointed to a relatively stronger US economy.