ICE Canadian canola futures fell for a fourth straight session on Friday and dipped to a one-week low on light chart-based selling and a firmer Canadian dollar, traders said. January canola fell $2.50 to settle at $575.90 per tonne on volume of 6,323 contracts. March canola fell $2.20 to settle at $574.00 on volume of 3,191 contracts.
Early strength in canola tied to higher US soyabean and soyaoil markets. CBOT January soyabeans settled up 10-1/2 US cents at US $14.18-3/4 per bushel while CBOT December soyaoil ended up 0.51 US cent at 49.04 US cents per lb. But values retreated after spot January canola was unable to hold above $580 per tonne. Traders noted that the contract has settled below that level for four consecutive sessions.
Canola has been under technical pressure since the January contract failed last week to fill gap in its chart between $589.50 and $590. Malaysian palm oil futures fell for a fourth straight session and posted a third weekly loss in four, as investors remained concerned over slowing demand for the edible oil while prospects for global economic growth stayed dim.
European rapeseed futures were higher, with Paris February rapeseed up 0.58 percent at 2:24 pm CST (2024 GMT). Strength in the Canadian dollar added pressure, making canola less attractive to foreign buyers. Canadian dollar was trading at $0.9922 against the US dollar or US $1.0079, up from Thursday's North American close at $0.9972, or US $1.0028.