Canadian canola futures fall

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. 

Copyright Reuters, 2012

Muhammad Ramzan Rafique
Muhammad Ramzan Rafique

I am from a small town Chichawatni, Sahiwal, Punjab , Pakistan, studied from University of Agriculture Faisalabad, on my mission to explore world I am in Denmark these days..

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