Canadian canola futures mixed

ICE Canadian canola futures traded mixed on Friday, registering a weekly gain in the nearby contract. Support for canola came from a tightening of US soyabean supplies, measured by a US government report, and a weaker Canadian dollar. US Department of Agriculture cut its new-crop and old-crop ending stocks outlooks for both corn and soyabeans by more than analysts had forecast.
Favourable Canadian crop conditions overhang the market. Alberta government said recent heat has helped crops emerge. July canola gained $1 to $523.50 per tonne, and added 1.8 percent for the week. November canola lost 60 cents at $525.50 per tonne. July-November canola spread traded 5,580 times. Chicago July soyabeans rose with support from export demand and bear spreading. NYSE Liffe August rapeseed and August Malaysian palm oil dropped.