Canadian canola futures fall

canola-oil-pakistan03 Nov 2013
ICE Canadian canola futures fell on Friday to a weekly loss, dragged down by rising US crop estimates that weighed on soybeans. PICE Canadian canola futures fell on Friday to a weekly loss, dragged down by rising US crop estimates that weighed on soybeans. Private analytics firm Informa Economics raised its yield and production estimates for the US 2013 corn and soybean crops.

Canola gave up earlier gains that were linked to higher soyoil prices. Delivery period of November canola contract began on Friday, with expiry November 14. No deliveries were reported. Volumes light with funds on sidelines with net flat position. Seen unlikely to take short position until January canola dips to around $489 per tonne. Most-active January canola down $3.00 at $491.40 per tonne. Thinly traded November canola contract finished with the first weekly loss in four weeks for a nearby contract, shedding 0.8 percent. January-March spread ended with a March premium of $8.00, unchanged from Thursday, trading 2,732 times. Chicago January soybeans shed 14-3/4 US cents to settle at US $12.51-1/2 per bushel, pressured by US harvest progress.

MATIF Paris February rapeseed edged up 0.1 percent. Malaysian December palm oil added 1.4 percent. Canadian dollar was trading at $1.0431 versus the US dollar or 95.87 US cents at 1:15 pm CDT (1815 GMT), little changed from Thursday’s close at $1.0427 versus the greenback, or 95.90 US cents. Courtesy Reuters

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