Canadian canola futures rose on Friday, due to a lack of commercial hedge pressure while trading volumes were relatively light, but posted their biggest weekly loss in five weeks. Lack of farmer selling into cash system kept commercial hedges light -trader. Spillover support seen from stronger soyabean oil. Canada weekly canola crushings bounced back in the past week, after a rail strike hampered movement.
Nearby July canola ended with a weekly loss of 2.1 percent. July canola gained $5.70 to $601.90 per tonne on volume of 4,855 contracts. New-crop November added $5.20 to $559.70 per tonne on 10,416 contracts. July-November spread widened to a July premium of $42.20, trading 3,852 times. Chicago Board of Trade July soyabeans were down 10 US cents at US $13.76 per bushel at close of pit trade on liquidation ahead of the weekend vote in Greece. MATIF August rapeseed eased 0.9 percent, while Malaysian August palm oil was flat.
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