ICE Canadian canola futures closed mostly lower on Friday pressured by a stronger Canadian dollar, which tends to make canola less competitive globally, traders said. A late-session slide in allied US soyaabean futures lent pressure. Statistics Canada estimated 2018 Canadian canola plantings at 22.7 million acres, above an average trade estimate of 22.4 million but down slightly from the 23 million acres seeded a year ago. Lightly traded July canola settled up $10.60 at $521.00 per tonne.
Most-active November canola ended down $1 at $509.40 per tonne, and back months also declined. The July-November canola spread traded 957 times between 20 cents and $12, premium July, before settling at $11.60. Chicago Board of Trade July soyaabeans ended lower as the market gave up gains late in the trading session. The US Department of Agriculture pegged US 2018 soyaabean plantings at 89.557 million acres, below the average analyst estimate of 89.691 million.
August Paris Matif rapeseed futures and Malaysian September crude palm oil both closed lower. The Canadian dollar strengthened against its US counterpart after a surprise expansion of the domestic economy in April raised expectations for a Bank of Canada interest rate hike next month. The Canadian currency was trading at $1.3136 to the US dollar, or 76.13 US cents, at 3:52 p.m. CDT (2052 GMT).