ICE Canadian canola futures slipped on Friday for the third straight day, weakened by farmer selling into the cash markets, and posted their first weekly loss in three weeks, traders said. Canola finished lower despite higher soybean markets and supportive news of a big jump in Canadian canola crushings this week.
Wednesday's lower-than-expected Statistics Canada planting intentions estimate underpinned canola. But warmer weather in Western Canada has eased some concerns about possible late plantings, a trader said. May canola dipped $2.20 to $634.10 per tonne on volume of 5,310 contracts. Posted weekly loss of 0.9 percent. May options expired on Friday. Most-active July lost $2.90 to $616.50 on volume of 9,180 contracts.
May-July spread widened to a May premium of $17.60, trading 4,469 times. Chicago Board of Trade May soybeans gained 7-1/4 US cents at US $14.30-3/4 per bushel on strong cash markets. MATIF Paris August rapeseed dipped 0.8 percent. Malaysian July palm oil added 0.3 percent. Canadian dollar was trading at $1.0165 versus the US dollar, or 98.38 US cents, at 1:16 pm CDT (1816 GMT), up from Thursday's close at $1.0208 to the US dollar, or 97.96 US cents.
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