ICE Canadian canola futures dipped on Friday after a US crops report projected bigger soyabean and grain ending stocks than expected, but canola was on course for its first weekly gain in three weeks, traders said. US wheat, soya stocks climb due to big world crops.
Mild support seen from weaker Canadian dollar and expected higher equities after EU leaders agreed on measures to partly address the region's debt crisis. January-March spread expected to be active. January canola futures lost $3.00 to $507.60 per tonne on volume of 798 contracts as of 7:57 am CST (1357 GMT). Has gained four straight sessions.
March shed $3.00 to $507.50 a tonne on volume of 291 contracts. Traders see canola down $2 to $4 at Chicago Board of Trade open. CBOT soyabeans called to open down 8 to 10 US cents per bushel. MATIF February rapeseed slipped 0.7 percent, February palm oil eased 0.2 percent as of 7:55 am CST (1355 GMT). The Canadian dollar was trading early at C$1.0243 against the US dollar or 97.63 US cents, down from Thursday's close at $1.0226, or 97.79 US cents.