ICE Canadian canola futures dipped on Friday, registering a slight weekly loss, pressured by a rebounding Canadian dollar. Canola seen in tight trading range, supported in recent sessions by exporter buying due to the weak dollar versus the US greenback, a trader said.
Canadian dollar's bounce late this week was seen generating profit-taking by long investors.
Farmer selling to cash market has eased, limiting canola's drop. March canola lost $1.30 at $481.70 per tonne. Week ends down 0.6 percent. May canola gave up $1 at $490.20 per tonne. March-May canola spread traded 2,945 times.
Chicago March soybeans dipped on South America's improving crop outlook. Malaysian April crude palm oil jumped and NYSE Liffe Paris May rapeseed rose. The Canadian dollar was trading at $1.4136 to the greenback, or 70.74 US cents at 1:13 pm CST (1913 GMT), higher than Thursday's close at $1.4279 to the greenback, or 70.03 US cents.
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