ICE Canadian canola futures slipped on Friday, headed for their fourth straight loss and a weekly decline of 1.2 percent. Spillover selling from Thursday's bearish US crop report seen weighing on the market, but oilseeds underpinned by dry South American conditions. Canola will trade on Monday while influential Chicago grains are closed for holiday.
Most-active March canola futures lost $3.00 to $517.30 a tonne on volume of 634 contracts at 8:15 am CST (1415 GMT). On track for the contract's biggest weekly decline in seven weeks. May gave up $3.60 to $520.90 on volume of 1,095 contracts. Traders see canola down $3 at Chicago Board of Trade open. CBOT soyabeans called to open down 1 to 2 US cents per bushel on spillover selling from Thursday's bearish USDA report.
May-July canola spread active early, trading 982 times and currently at a $3 July premium. MATIF February rapeseed lost 0.4 percent at 8:13 am CST (1413 GMT). The Canadian dollar was trading early at $1.0230 against the US dollar, or 97.75 US cents, down from its North American session finish on Thursday at $1.0183 to the US dollar, or 98.20 US cents. US crude oil futures lost 1 percent early to US $98.11 per barrel. January canola expires on Friday.
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