ICE Canadian canola futures ended mixed on Friday as support from higher US soya futures and ongoing canola crop concerns balanced pressure from the rising Canadian dollar, traders said. Benchmark November ended unchanged at $434.70 a tonne; volume 9,023. November up 3.1 percent for the week, biggest gain in three weeks.
January up 30 cents at $435.30, volume 1,625. Back months higher, but spot July down $4 to $438.70 on volume 42. No July contracts delivered on Friday. January-March canola spread most active, traded 1,138 times, settled at $1.60 premium January.
CBOT September soyabeans end up 9 US cents at US $9.66-1/2 per bushel on strong export demand, tight cash supplies. September soyaoil up 0.52 cent per lb at 37.65 US cents per lb. Canadian dollar was trading at $1.0332 to the US currency, or 96.79 US cents, as of 1:09 pm CDT (1809 GMT), up from Thursday's finish at C$1.0440 or 95.79 US cents.
Stronger dollar, fuelled by domestic jobs report weakens crush margins. Light crude oil futures up 16 US cents at US $75.60 per barrel. USDA cuts Canadian canola crop outlook by 1.8 million tonnes to 10.2 million tonnes. Global 2010/11 oilseed production raised 0.5 million tonnes to record 440.7 million tonnes. Agriculture Canada lowers canola outlook to 14.8 million harvested acres and production of 10.5 million tonnes. Canola Council to focus on five key export markets. ICE Canada raises margins. Canada canola crushing up 1.8 percent for week ended July 7.
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