ICE Canadian canola futures slipped on Friday, falling on commercial hedges, but registered their third straight weekly gain. Weaker US soybean markets added spillover pressure to canola. The drop did not cause technical damage to canola, and the trend still looks to be higher, a trader said. May canola lost $8.50 to $461 per tonne. Notched a weekly gain of 1.5 percent.
July gave up $8.90 to $470.10 per tonne. July-November spread narrowed to a November premium of $14.50. Chicago May soybeans dropped 19-1/4 US cents to US $14.63 per bushel, pressured by Chinese defaults on purchases of the oilseed. NYSE Liffe Paris May rapeseed gained 0.4 percent. Malaysian May palm oil added 0.5 percent. Canadian dollar was trading at $1.0966 versus the US dollar or 91.19 US cents at 1:12 pm CDT (1812 GMT), down from Thursday's close at $1.0929 to the greenback, or 91.50 US cents.
Comments
Comments are closed.