ICE Canada canola weak on technicals

ICE Canada canola futures were slightly lower on Monday, pressured by light technical selling even as cool temperatures could slow crop growth in the Canadian Prairies, traders said. Unseasonably cool conditions and the slight risk of frost late this week in northern portions Alberta and Saskatchewan underpinned prices. Investors also expected Statistics Canada on Friday to estimate a canola harvest of 13.6 million tonnes, down 13 percent from last year.

However, overall weakness in soybean prices anchored the canola market. November canola lost $1.20 to $485.30 per tonne. January canola shed 30 cents to $484.90 per tonne. Chicago November soybeans were narrowly higher on bigger-than-expected US crushing data. Malaysian October palm oil rose and NYSE Liffe Paris November rapeseed fell. The Canadian dollar was trading at $1.3088, or 76.41 US cents, at 1:58 pm CDT (1858 GMT).



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