ICE Canadian canola futures fell on Friday after the US Department of Agriculture estimated the US soybean and corn crops at higher than expected levels. US soy crop 3 percent larger than trade expected. Canola market underpinned by limited farmer selling of new crop.
Most-active January canola lost $8.80 or 1.5 percent to $591.40 on volume of 9,375 contracts. January posted weekly loss of 1.9 percent. March canola gave up $8.60 to $589.40 on volume of 2,505 contracts. January-March spread narrowed to a January premium of $2.00, trading 2,236 times.
No deliveries of November contract on Friday. Expiry on November 14. Chicago Board of Trade January soybeans shed 44-1/2 US cents or 3 percent at US $14.51-1/4 per bushel. Paris February rapeseed eased 0.9 percent. Malaysian December palm oil futures gained 0.7 percent. Canadian dollar was trading at $1.0003 against the US dollar or 99.97 US cents at 2:01 pm CDT (1901 GMT), little changed from Thursday’s close at $1.0004 versus the US dollar, or 99.96 US cents.