July 31, 2012 / 1:57 PM / 5 years ago

ICE canola slips early, nearby contract headed to monthly loss

(Reuters) - ICE Canada canola futures eased in early trading on Tuesday, and headed for a monthly loss, based on a continuous chart.

* Nearby canola on pace for 0.9 percent monthly loss in July, due mainly to earlier trading in the now-expired July contract, but November contract on course for monthly gain of 4.7 percent.

* Canola due for slight pullback after climbing nearly 3 percent on Monday, but market remains underpinned by U.S. drought concerns and crusher buying interest - traders.

* U.S. drought seen curbing soybean harvest potential, with the crop’s condition rating slipping to its worst level since 1988 on Monday. Export demand for canola, which competes with soybeans, seen strong as a result of the U.S. drought.

* November canola lost $1.90 to $621.70 per tonne on volume of 1,959 contracts at 8:26 a.m. CDT (1326 GMT).

* January gave up $2.00 to $624.30 per tonne on volume of 1,036.

* Chicago Board of Trade August soybeans rose 6-1/2 U.S. cents early to US$17.32-1/4 per bushel.

* MATIF August rapeseed added 0.5 per cent at 8:18 a.m. CDT (1318 GMT), while Malaysian August palm oil lost 0.8 percent.

* Canadian dollar was trading early at $1.0034 against the U.S. dollar or 99.66 U.S. cents, down from Monday’s North American session close at $1.0018 against the greenback, or 99.82 U.S. cents.

* U.S. light crude oil slid 0.4 percent early at US$89.47 per barrel.

* Lion’s share of U.S. crops to swelter into August.

* Canola stages range in Manitoba from flowering to swathed.

Reporting by Rod Nickel in Winnipeg

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