ICE canola futures sag on wetter weather, falling soy

WINNIPEG: ICE canola futures dropped on Wednesday, pressured by forecasts for rain in Western Canada and a drop in US soybean prices.

* July canola lost $5 to $455.50 per tonne.

* Most-active November canola gave up $6.70 to $469.30 per tonne.

* July-November canola spread traded 5,958 times.

* Warmer temperatures have boosted crop growth in the Canadian province of Manitoba, but flea beetles and cutworms have damaged crops, the government said.

* Chicago July soybeans fell on technical selling and profit-taking.

* Paris Matif August rapeseed futures dipped and Malaysian September palm oil futures rose.

* The Canadian dollar strengthened to a five-day high against its US counterpart, as investors reduced bets on a Bank of Canada interest rate cut this year after domestic data showing greater-than-expected inflation