ICE Canadian canola futures fell on Friday as weak Chinese demand for exports weighed on prices, while investors sold ahead of the weekend in the sixth consecutive session of losses. Poor demand from China has fueled worries and pressured prices amid souring Sino-Canadian relations.
The dispute between China and Canada over the arrest of a Huawei executive is slowing canola shipments through Chinese ports, traders told Reuters in early February. China's rapeseed meal futures on Friday jumped more than 4 percent on worries that supplies would tighten as cargoes from Canada were said to be receiving higher scrutiny at ports.
March canola settled down $7.10 to $456.30 per tonne. Most-active May canola ended down $7.90 to $461.30 per tonne. It earlier sank to $455.40 per tonne, a fresh contract low. Chicago May soyabeans closed up 1-1/4 US cents at US$9.11-1/2 per bushel.
Paris Matif May rapeseed futures fell 0.77 percent and Malaysian May palm oil futures rose 3.21 percent. Canola traders shrugged off weakness in the Canadian dollar. The Canadian dollar was trading at $1.3292 to the US dollar, or 75.23 US cents, at 3:19 p.m. CST (1919 GMT).
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