ICE Canada canola tumbles to weekly loss

07 Feb, 2014

WINNIPEG: ICE Canada canola futures slipped on Friday to a 1.1 percent weekly loss, weighed down by big supplies and transportation problems.

Talk of modest increase in cash canola prices seen attracting farmer sales and applying commercial hedge pressure to May futures - trader.

March traded close to its 30-day moving average before falling back. Funds, who hold a large short position, seen rolling it from March into May.

March canola fell $2.90 at $425.60 per tonne.

March-May spread narrowed to a May premium of $10.00, trading 4,641 times.

Chicago March soybeans gained 5-3/4 U.S. cents at US$13.31-1/2 per bushel, lifted by tight U.S. supplies.

NYSE Liffe Paris May rapeseed lost 0.4 percent.

Malaysian April palm oil gained 0.4 percent.

Canadian dollar was trading at $1.1036 versus the U.S. dollar or 90.61 U.S. cents at 1:14 p.m. CST (1914 GMT), up from Thursday's close at $1.1070 to the greenback, or 90.33 U.S. cents.

Canada weekly canola crushings fall 5.6 percent.

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