ICE Canadian canola futures fell on Friday due to a stronger Canadian dollar and producer hedging. Benchmark November canola futures settled down $3.30 at $453.70 per tonne. Canola closed below its 100-day moving average.
One industry source said producer hedging ahead of grain deliveries over the weekend and a recent climb in the Canadian dollar were weighing on canola prices.
The November-January canola spread traded 6,181 times, closing at an $8.10 January premium. The January-March spread traded 4,323 times.
Chicago Board of Trade November soyabeans rose 2-1/2 US cents to US$9.34 a bushel, climbing modestly as uncertainty about the size of the US crop and strong weekly US export sales prompted technical buying and short-covering, traders said.
The Canadian dollar rose to a more than two-month high against the greenback but gains for the currency were tempered by an uncertain outlook for Canada's federal election on Monday.
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