ICE canola futures drop as rail stoppage looms
All figures in Canadian dollars unless noted
Aug 20 (Reuters) -ICE canola futures retreated on Tuesday on rising concerns about an unprecedented simultaneous stoppage at both of Canada's main railway companies that would disrupt grain transportation during the canola harvest.
Unless last-minute labor agreements are reached, both Canadian National Railway and Canadian Pacific Kansas City will shut nearly all freight rail services in Canada for the first time at midnight on Thursday. The impact of a strike would be particularly severe on bulk commodity exporters.
November canola RSX4 ended $8.40 lower at $565.10 per metric ton, just above a contract low posted on Monday.
Canola dropped despite modest gains in Chicago Board of Trade soybean and soyoil futures.
Euronext November rapeseed futures COMX4 sank 0.28%, while Malaysian palm oil FCPOc3 fell 0.16%. POI/
Reporting by Karl Plume in Chicago; Editing by Shailesh Kuber
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