Canadian canola futures closed lower on Friday as the market followed weakness in US soy prices, traders said. Slow farmer selling gave some support to canola prices but strength in the Canadian dollar chilled interest on the export market. ICE canola November futures ended $6.70 per tonne lower at $411.80 and January was down $4.90 at $420.50.
Chicago Board of Trade November soybeans closed 16-3/4 US cents per bushel lower at US $9.17-1/4 and December soyoil was off 0.83 US cent per pound at 33.65 US cents. The Canadian dollar was at C$1.2021 to the US dollar at 1:54 PM CDT (1854 GMT), compared to C$1.2180 at Thursday's close. Total canola volume was light, with only 6,382 contracts traded. In canola spreads, an estimated 506 November/January traded from $8.00 under to $2.50 under, 528 January/March traded from $8.70 to $9.50 and 435 March/May traded from $9.30 under to $9.50 under.
Comments
Comments are closed.