ICE Canadian canola futures edged higher on Friday due to a weak Canadian dollar, but posted their biggest weekly loss in more than three months. Canola recovered from spillover pressure from weaker US soybean prices and technical selling by funds after the May canola contract fell to a 10-week low.
Cold Western Canada weather and forecast for snow or rain over the weekend added to concerns about late planting. May canola added 40 cents to $611.20 per tonne on volume of 10,428 contracts. Touched $604, the lowest nearby price since January 24. May contract registered a 2.3 percent weekly loss, the largest on a nearby continuous chart since late December. July gained 70 cents to $597.90 on volume of 7,207. May-July spread narrowed to a May premium of $13.30, trading 5,405 times.
Chicago Board of Trade May soybeans shed 10-1/4 US cents to US $13.61-3/4 per bushel. MATIF Paris May rapeseed eased 0.6 percent. Malaysian June palm oil dipped 1.4 percent. Canadian dollar was trading at $1.0178 versus the US dollar or 98.25 US cents at 1:54 pm CDT (1854 GMT), down from Thursday's close at $1.0123 to the US dollar, or 98.78 US cents.
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