ICE Canadian canola futures fell on Wednesday, pressured by a round of fund selling as well as weakness in Chicago Board of Trade soybeans, traders said. Traders also noted some unwinding of spreads against other markets by commercial traders, which dragged canola lower. Most-active November canola lost $5.60 to $450.60 per tonne, touching its lowest since June 13. Volume was 15,965 contracts.
November canola has fallen for three sessions in a row. The November-January spread 3,863 times, with prices ranging from a premium of $2.60 and $4.30 to the January contract. Although canola futures were mostly lower, the thinly traded July contract, which is in the delivery period and expires on July 14, rose $17.70 to $505.00 on volume of 21 contracts.
Chicago Board of Trade August soybeans fell 13 US cents to close at US $13.14-3/4 per bushel. August soybean oil shed 0.40 US cent to 38.57 US cents per lb. Canadian dollar hit a six-month high against the US dollar on Wednesday, trading at $1.0667 or 93.73 US cents at 2:01 pm CDT (1901 GMT), up from Monday's close of $1.0670, or 93.72 US cents.
