ICE Canadian canola futures dipped on Friday in light trading ahead of the Christmas holiday, losing nearly 3 percent for the week. Canola was weakened by lower soyabean and soyaoil prices, due to better crop weather in Argentina. January canola dropped 40 cents to settle at $505.30 per tonne.
Most-active March canola gave up $1.10 at $513.40 per tonne. January-March canola traded 4,637 times as investors rolled positions forward before delivery next month. Chicago March soyabeans fell on improved crop weather in Argentina. NYSE Liffe February rapeseed and Malaysian February crude palm oil also dipped. The Canadian dollar was trading at $1.3533 to the US dollar, or 73.89 US cents at 11:52 am CST (1752 GMT), lower than Thursday's close of $1.3497, or 74.09 US.