April 2, 2012 / 8:03 PM / 5 years ago

ICE canola slips after reaching nearly four year high

(Reuters) - ICE Canada canola futures ended mostly lower on Monday, giving back earlier gains that included the highest nearby price since mid-2008.

* Speculator buying, triggered by stronger soybean prices, pushed nearby May and July contracts to contract highs early.

* Farmer selling at country elevators led to commercial hedge pressure later, and profit-taking also weighed on late trading - trader.

* May canola lost $1.70 to $620.80 per tonne on volume of 11,527 contracts. Touched high earlier of $630, the highest price on a nearby continuous chart since July 2008.

* July canola shed $1.80 to $618.10 per tonne on volume of 7,848 contracts.

* May-July spread traded 5,485 times, settling at a May premium of $2.70. July-November spread narrowed to a July premium of $40.10, trading 2,834 times.

* Chicago May soybeans gained 18 U.S. cents to US$14.21 per bushel, on follow-through buying from Friday’s government estimate of lower-than-expected soybean plantings this year. May soyoil rose 1.06 cent to 56.16 U.S. cents per lb. <GRA/>

* MATIF May rapeseed added 1.2 percent.

* The Canadian dollar was trading at $0.9910 against the U.S. dollar, or US$1.0091, at 1:16 p.m. CDT (1816 GMT), up slightly from Friday’s close at $0.9975 versus the U.S. dollar, or US$1.0025.

* U.S. light crude oil gained 2.2 percent at $105.23 per barrel. <O/R>

* Exporters sell 120,000 tonnes of U.S. soybeans to China.

* The U.S. Department of Agriculture on Friday forecast intended soy plantings at 73.902 million acres (29.91 million hectares), below the average analyst estimate of 75.393 million acres.

Reporting by Rod Nickel in Winnipeg; Additional reporting by Sam Nelson in Chicago; Editing by Steve Orlofsky

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