ICE Canadian canola futures slipped on Friday, reflecting weaker soybean prices and technical selling, and registered their third straight weekly loss. Soybeans fell to a five-month low on cancellation of China sales. Funds held an estimated January short position of 10,000-12,000 canola contracts prior to Friday - trader.
Most-active January canola lost $4.80 or 0.9 percent to $575.70 on volume of 8,281 contracts. Finished the week with a 2.7 percent weekly loss. March canola gave up $5.20 to $573.30 on volume of 3,447 contracts. January-March spread widened to a January premium of $2.40, trading 2,961 times.
Chicago Board of Trade January soybeans lost 18-3/4 US cents or 1.3 percent at US $13.83-1/4 per bushel. Paris February rapeseed fell 1.4 percent. Malaysian December palm oil dipped 1.5 percent. Canadian dollar was trading at $1.0017 against the US dollar or 99.83 US cents at 1:56 pm CST (1956 GMT), little changed from its close on Thursday at $1.0013 versus the US dollar, or 99.87 US cents. Canada farmers tiptoe into wheat market, sell canola briskly. Canada weekly canola crushing up 4.6 percent.
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