ICE Canadian canola fell on Wednesday to a two-month low in the key contract, pressured by weaker soyabeans. Low margins for crushers and an uptick in farmer selling to cash markets may also have weakened prices, a trader said. January canola lost $3.10 at $467.10 per tonne, touching the contract’s weakest price in more than two months.
March canola gave up $2.10 to $474.30 per tonne. January-March spread traded a brisk 8,900 times, accounting for much of the large overall trading volume. Chicago January soyabeans tumbled on technical selling and weakening export demand. Malaysian January palm oil rose and NYSE Liffe Paris February rapeseed eased. The Canadian dollar was trading at $1.3363, or 74.83 US cents at 1:04 pm CST (1904 GMT), lower than the Bank of Canada’s official close on Tuesday of $1.3308, or 75.14 US cents.