ICE canola declines as weather favors Canadian crop prospects
July 22 (Reuters) - ICE canola futures fell for a second straight session on Tuesday as beneficial rains and mild temperatures in the Canadian Prairies this week bolstered crop production prospects, traders said.
A stronger Canadian dollar CAD= added to bearish sentiment, making Canadian oilseeds less competitive globally. The loonie hit a two-week high against its U.S. counterpart. CAD/
But commercial buying underpinned canola futures, limiting losses, traders said.
Benchmark November canola RSX5 settled down $4.10 at $690.00 per metric ton.
January canola RSF6 ended down $3.70 at $700.20 a ton.
The November-January canola spread weakened, with the November contract RSX5 widening its discount to the January RSF6 contract to $10.20, from $9.80 on Monday.
Rival global vegetable oil prices were mixed. Benchmark Chicago Board of Trade December soyoil BOZ25 settled down 0.43 U.S. cent, or 0.77%, at 55.39 U.S. cents per pound.
Euronext November rapeseed futures COMX5 rose 0.10% and Malaysian palm oil futures FCPOc3 ended Tuesday up 0.92% but stayed inside of Monday's trading range. POI/
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