ICE canola futures retreat as allied US soy sags
All figures in Canadian dollars unless noted
July 8 (Reuters) -ICE canola futures ended lower on Monday, retreating in line with sharp declines in allied U.S. soybean and European rapeseed markets amid improving oilseed production prospects.
Most-active November canola RSX4 settled down $9.80, or 1.49%, at $648.40 per metric ton, after climbing to $663.90, its highest since June 3, earlier in the session.
The November-January canola spread RSX4-F5 firmed, with the November contract narrowing its discount to the January contract to $9.80, from $10.30 a day earlier.
Weather forecasts called for warmer temperatures in the Canadian Prairies this week that should aid canola development. GRO/SAS GRO/ALB
CBOT November soybeans SX24 tumbled 30-1/4 U.S. cents, or 2.68%, to end at US$10.99-1/2 a bushel, after dipping to US$10.94-1/4, the lowest on a continuous chart of the most-active soybean contract Sv1 since November 2020.
Soybeans were pressured by generally favorable U.S. crop weather and expectations for beneficial rains this week in dry areas of the eastern Midwest. GRA/
The U.S. Department of Agriculture late on Monday rated 68% of the U.S. soybean crop as good to excellent, up from 67% the prior week, while analysts on average had expected no change.
Euronext August rapeseed futures COMQ4 fell 2.85% on Monday while Malaysian palm oil FCPOc3 markets were closed for a holiday.
Reporting by Julie Ingwersen in Chicago; Editing by Rashmi Aich
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