ICE Canadian canola futures rose slightly on Friday, supported by a report by Statistics Canada that pegged mid-summer canola stocks at their lowest level in eight years. Total Canada canola stocks as of July 31 estimated at 788,000 tonnes versus trade estimate 1 million tonnes. Canola traders didn't react immediately to the bullish report because of low trading volumes early in the session, but factored it in later - trader.
Crushers also seen buying canola, and a lack of farmer selling kept commercial hedge pressure light. Nearby November canola ended with 0.5 percent weekly gain, its third straight. November canola added 60 cents to $640.60 per tonne on volume of 8,581 contracts. January canola gained 70 cents to $644.50 on volume of 3,755 contracts.
November-January spread widened to a January premium of $3.90, trading 2,965 times. Chicago Board of Trade November soybeans lost 10-1/2 US cents at US$17.36-1/2 per bushel on profit-taking. MATIF November rapeseed shed 0.2 percent. Canadian dollar was trading at $0.9779 against the US dollar or US$1.0226 at 1:56 pm CDT (1856 GMT), up from Thursday's close at $0.9828 against the greenback, or US$1.0175. Canola's total market open interest rose to 235,150 as of Thursday, the highest level in three months. Canada weekly canola crushings climb 24.7 percent.
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