ICE Canadian canola futures rose on Friday in thin volume to finish with its first weekly gain in six weeks. Stronger US soy futures, which were supported by a weak US dollar, short-covering and worries that Midwest rains might fall short, lifted canola. Total canola volume was light with about 10,300 contracts. Canola may come under pressure from harvest in coming weeks, with some views that farmers are storing more old-crop canola than expected - trader.
Trade has also raised canola harvest view to 13.6 million tonnes. November canola futures gained 90 cents at $554.40 per tonne on volume of 4,958 contracts. Registered weekly gain of 0.8 percent. January canola gained 90 cents at $562.80 on volume of 2,720 contracts. November-January spread traded 1,858 times, settling at a January premium of $8.40. Chicago September soybeans settled up 7-3/4 US cents to US $13.59-3/4 per bushel. MATIF November rapeseed settled up 0.5 percent. The Canadian dollar was trading around $0.9886 to the US dollar, or US $1.0115 at 1:43 pm CDT (1843 GMT), little changed from Thursday's session close at $0.9884 to the US dollar, or US $1.0117.
NYMEX crude oil slipped 0.2 percent at US $82.26 per barrel. Canada weekly canola crushings dip 4 percent. Hail damages Saskatchewan, Alberta crops. Trade awaiting next Wednesday's Statistics Canada report, the government agency's first forecast of crop production based on a farmer survey.