ICE Canadian canola fell Wednesday on profit-taking and hedge-related selling by farmers after the spot November contract climbed to its highest level in nearly two weeks, traders said. Declines in Chicago Board of Trade soybeans and soymeal futures added to bearish sentiment. November canola settled down $2.40 at $476.10 per tonne on volume of 10,600 contracts. The contract reached $481, its highest level since October 1, before retreating.

January canola ended down $2.50 at $480.40 per tonne on volume of 8,406 contracts. November-January spread traded roughly 5,700 times. A stronger Canadian dollar added pressure. The currency was trading at $1.2925, or 77.37 US cents, at 3:15 pm CT (2015 GMT), stronger than the Bank of Canada’s official close on Tuesday of $1.3019, or 76.81 US cents. NYSE Liffe Paris November rapeseed closed mostly lower. Trade in Malaysian palm oil futures was closed due to a holiday.

Copyright Reuters, 2015

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