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ICE Canadian canola futures fell on Thursday the most in six weeks, stumbling to a 2.8 percent loss for the holiday-shortened week. Stronger Canadian dollar, after data that showed a surprising trade surplus in September on energy exports, and declining US grains pressured canola.
Funds may have added to short positions, increasing pressure on technically weak canola. ICE Futures Canada closed on Friday for Canada's Remembrance Day holiday. Canola volume of nearly 21,000 contracts was most since October 25, as speculators moved to new clearing firms after MF Global bankruptcy. Also due to three-day weekend - trader. Most-active January canola futures fell $9 or 1.7 percent at $515.50 on volume of 15,318 contracts, notching the biggest daily percentage drop for the contract since September 30.
January touched $511.50, the contract's lowest price in 11 months. March dropped $8.70 at $522.20 on volume 2,601. January-March spread traded 2,169 times, settling at a March premium of $6.70. Chicago January soyabeans lost 18 US cents to US $11.67-1/2 per bushel on long liquidation and concerns about slow exports. December soyaoil lost 0.47 cent to 50.52 US cents per lb.
MATIF February rapeseed slipped 0.7 percent. The Canadian dollar was trading at $1.0177 or 98.26 US cents at 1:11 pm CST (1911 GMT), up from Wednesday's close at $1.0217 or 97.88 US cents. US crude oil rose 2.1 percent at US $97.78 per barrel after a US Labour Department report showed initial state jobless benefit claims fell last week. ICE urges court to release cash from MF Global accounts. Alberta harvest ends later than usual.

Copyright Reuters, 2011

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