Canadian canola futures fall

August 18, 2013

ICE Canadian canola futures fell on Friday, setting back from a three-week high on technical selling including profit-taking, increased farmer selling and declines in US soy markets, traders said. Improving crop conditions added pressure, with temperatures warming in the Prairies. Statistics Canada is scheduled to release its first report on 2013 crop production and yield on Wednesday.

Market underpinned by a weaker Canadian dollar, which makes Canadian products more attractive to holders of other currencies. November canola settled down $2 at $500.60 per tonne, after reaching a three-week high at $507. Volume totalled 7,537 contracts. Despite the lower close, the contract held above psychological support at $500 and ended the week 3.5 percent higher, halting a six-week slide.

January canola ended down $2.20 at $506.30 per tonne on volume of 764 contracts. CBOT November soybeans ended down 6-1/4 US cents at US $12.59-1/4 per bushel and December soyoil fell 0.29 US cent at 43.16 US cents per lb. MATIF Paris November rapeseed rose 0.3 percent. Courtesy Reuters

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