ICE canola retreats from seven-week high
All figures in Canadian dollars unless noted
July 24 (Reuters) -ICE canola futures ended lower on Wednesday as the market pulled back from a rally to a seven-week high during the previous session.
Futures retreated after short covering and concerns over potential crop stress from hot weather in the Canadian prairies lifted prices on Monday and Tuesday, traders said.
Most-active November canola RSX4 settled down $7.80, or about 1.2%, at $670.60 per metric ton. The contract rose on Tuesday to $681, its highest since June 3.
The November-January canola spread RSX4-F5 weakened slightly, with the November contract RSX4 widening its discount to the January RSF5 contract to $4.50 from $4.40 a day earlier.
Traders kept an eye on the Canadian dollar, which reached a three-month low against its U.S. counterpart.
Soy markets were also lower, with Chicago Board of Trade November soybean futures SX24 ending down 11-1/2 U.S. cents at US$10.64 per bushel. CBOT August soyoil BOQ24 finished 0.64 U.S. cent weaker at US46.02 cents per pound.
Euronext November rapeseed futures COMX4 fell about 1.4%, while Malaysian palm oil FCPOc3 markets were about flat. POI/
Reporting by Tom Polansek in Chicago; Editing by Mohammed Safi Shamsi
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