ICE Canada canola futures closed lower on Thursday in what industry sources said was a quiet session. The benchmark November canola futures contract closed down $1.30 at $447.60 per tonne. Trading in canola has been fairly rangebound in recent sessions. One industry source said that although there were concerns about bad weather in Canada, they were not pushing canola prices higher because the crop is fairly tough.

The November-January canola spread traded 3,019 times, closing at a $9.00 January premium, widening from $8.80 on Wednesday. The January-March spread traded 1,020 times. Chicago Board of Trade November soyabeans settled lower at US$888-1/2 a bushel. The Canadian dollar was little changed against its US counterpart, with the currency pulling back from an earlier 10-day high as investors weighed US political uncertainty.

Copyright Reuters, 2019