ICE canola futures fall on weak soyoil, weather

ICE canola futures fell on Tuesday as losses in Chicago soyoil and moderate Canadian weather reduced anxiety about low supplies of canola.

• November canola (RSX5) settled down $10.30 at $672.20 per metric ton. January fell $9.60 to $684.20.

• Tuesday's session was the first of the week, with the ICE canola market being closed Monday for a Canadian holiday.

• The Canadian crop continues to develop in relatively good conditions, with cool midsummer weather allowing for pods to fill. Some areas were badly damaged by early season dryness and will yield poorly, crop watchers say, but a majority of the canola area is in good to great shape and only needs a little more rain.

• "The pods are developing very nicely, with a lot of seeds in them," said farmland investor Robert Andjelic, who had just toured canola fields from Alberta to Manitoba. "Overall, canola is looking the best that I've seen for years."

• Canadian canola supplies are tight but the new crop will begin being harvested within weeks, so nearby worries are being alleviated with each day of good weather, traders said.

• Chicago Board of Trade soyoil futures (BOv1) resumed falling Tuesday with a 1.11% loss, for the fourth decline in the past five sessions, but remain near contract highs.

• Euronext November rapeseed futures (COMc1) fell 0.16%.

• Malaysian palm oil futures FCPO1! rose 2.38% on bargain-buying.

• The Canadian dollar USDCAD softened.