ICE Canadian canola futures slipped on Friday, pressured by weakness in soyoil. Canola was underpinned by concerns about dry conditions in Western Canada and supportive weakness in the Canadian dollar, a trader said. Technical-trading funds hold an estimated July net long position of 20,000 contracts. July canola shed 90 cents to $538.10 per tonne. The new-crop November canola lost 70 cents at $525.30 per tonne.
The July-November canoola spread traded 2,353 times Chicago July soybeans rose on Chinese demand. August Paris Matif rapeseed futures edged higher and July Malaysian palm oil fell. The Canadian dollar was trading at $1.2975 to the US dollar, or 77.07 US cents at 12:36 pm CDT (1736 GMT).
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