ICE canola futures dip, halting 3-day rally

ICE canola futures dip, halting 3-day rally

ICE canola futures dipped on Wednesday, halting a three-day rally.

* Canola is under pressure from speculator selling, a trader said.

* November canola (RSX2) gave up $6.80 to settle at $843.60 per tonne. Earlier, the contract touched its highest price since Aug. 15.

* Statistics Canada will on Monday report estimates for Canadian crop production. The industry expects, on average, canola production of 19.6 million tonnes, up from 12.6 million in the previous year, when severe drought reduced the harvest.

* November-January canola spread, the most active inter-month spread, traded 5,173 times.

* U.S. soybean futures (Sv1) eased on profit-taking after rallying to a three-week high during the overnight trading session.

* Euronext November rapeseed futures (/COMX2) also declined.