ICE Canada canola drops following cash market sales

ICE Canada canola futures eased in early trading on Wednesday, pressured by some recent farmer sales, traders said.
* Losses in U.S. soybean futures added further pressure to the market.
* A weaker Canadian dollar, which boosts export interest, kept declines in check.
* Scouts on Cereal’s North America Canadian crop tour found some spring wheat and canola fields in western Manitoba and southeastern Saskatchewan dotted by cattails and swamps and others unplanted or abandoned, evidence of heavy spring rains that reduced Canada’s potential crop output.

* November canola down 10 cents at $444.00 per tonne at 8:20 a.m. CDT (1320 GMT), on volume of 1,618 contracts. Prices found support at the 10-day moving average of $441.71.
* Chicago Board of Trade November soybeans were down 7-3/4 U.S. cents at US$10.87-1/4 per bushel during the overnight trading session.
* NYSE Liffe Paris November rapeseed fell 0.23 percent.
* Malaysian palm oil dropped 0.73 percent. The Malaysian market was closed on Monday and Tuesday for the Eid al-Fitr holiday.
* The Canadian dollar traded at $1.0890, or 91.83 U.S. cents, down from Tuesday’s close at $1.0859 to the greenback, or 92.09 U.S. cents after data showed that Canadian producer prices edged down in June.



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