Canadian canola dips ahead of USDA report

ICE Canadian canola dipped on Monday, under pressure from weaker soy prices and soft demand, ahead of a monthly US crop report. Traders squared positions before Tuesday’s release by the US Department of Agriculture of its supply and demand report. Canola seen with negative price bias through end of 2015 on ample supplies, an analyst said. But slow pace of farmer selling after harvest underpins the market. Most-active January canola shed $1.90 to $477.80 per tonne.

March canola lost $2.60 to $482.90 per tonne. January-March spread traded 2,822 times. Chicago January soybeans eased on positioning ahead of the USDA report. Malaysian January palm oil rose and NYSE Liffe Paris February rapeseed fell. The Canadian dollar was trading at $1.3269, or 75.36 US cents at 1:12 pm CST (1912 GMT), higher than the Bank of Canada’s official close on Friday of $1.3296, or 75.21 US cents.

Copyright Reuters, 2015

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