ICE Canadian canola futures dipped on Friday, weakened by lower soybeans and profit-taking, but the nearby contract registered its first weekly gain in three weeks. Weak Canadian dollar limited canola's losses. Nearby July canola fell further than November as traders rolled long positions forward. July canola options expired on Friday.
Statistics Canada estimates plantings on Tuesday. Trade expects StatsCan to raise canola area estimate to 19.7 million acres from 19.1 million. July canola dipped $1.10 to $605.70 per tonne on volume of 2,203 contracts. Finished with weekly gain of 1.2 percent. New-crop November canola gave up 60 cents at $555.90 per tonne on volume of 6,923 contracts.
July-November spread narrowed to a July premium of $49.80, trading 1,616 times. Chicago July soybeans lost 4-1/4 US cents to US $14.93-1/4 per bushel, led lower by new-crop months on improving US weather. MATIF Paris August rapeseed lost 0.5 percent. Malaysian September palm oil fell 0.9 percent. Canadian dollar was trading at $1.0463 versus the US dollar, or 95.57 US cents, at 1:07 pm CDT (1807 GMT), down from Thursday's close at $1.0373 to the greenback, or 96.40 US cents.
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