ICE Canadian canola futures dropped on Friday, touching a more than one-week low, on spillover pressure from US soyabean futures, which tumbled on competitive concerns. Soyabean futures led the way down, pressured by a dip in the Brazilian real, which makes soya from the South American country more attractive to big buyers than US supplies.
Strength in the Canadian dollar added to selling pressure on canola, a trader said. The dollar was boosted by stronger than expected jobs data. Most-active January canola lost $4.10 to $516.80 per tonne. ICE reported no deliveries of the November contract, which expires November 14. January-March canola spread traded 1,620 times. Chicago January soyabeans fell on export concerns. NYSE MATIF February rapeseed edged higher and Malaysian January palm oil dipped. The Canadian dollar was trading at $1.2765 to the US dollar, or 78.34 US cents at 1:08 pm CDT (1808 GMT).