ICE Canadian canola futures declined to the lowest levels in more than two months on Thursday as investment funds dumped long positions and a rally in the dollar made the oilseed less attractive in global markets, traders said. Declines in Chicago Board of Trade soy prices further pressured canola, with most-active March canola futures falling to the lowest point since October 17.

Open interest declined to the lowest level since early November during the recent price decline, suggesting investors were exiting long positions rather than making new short bets. January canola settled down $4 at $497.10 per tonne and March canola down $4.40 at $504.30 per tonne. Chicago March soybeans eased on technical selling. NYSE Liffe February rapeseed gained 0.4 percent while Malaysian March crude palm oil eased 0.8 percent.

Copyright Reuters, 2017