ICE Canadian canola futures rose on Friday, snapping a three-day skid, after the US government forecast smaller than expected world soybean stocks, which triggered a 2.3 percent gain in soybeans. US Department of Agriculture forecast global ending stocks of soybeans at 70.23 million tonnes, more than 2 million tonnes below the average trade forecast.
Weaker Canadian dollar also supported canola, but lower soybean oil was a negative influence. Most-active January canola gained $5.60 to $495.70 per tonne, posting a 0.9 percent weekly gain. January-March spread settled unchanged at a March premium of $8.40, trading 3,476 times. ICE reported delivery of 828 November contracts. Chicago January soybeans jumped 29-1/2 US cents to US $12.96 per bushel. NYSE Liffe Paris February rapeseed eased 0.3 percent. December Malaysian palm oil slipped 1.4 percent.
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