ICE Canadian canola futures tripped on Friday to a 10-month low, as commercial buyers sold hedges before the weekend and soybeans slumped on concerns about a global recession. Nearby canola posted a weekly loss of 3.7 percent, its third straight decline.
Warm, dry Canadian Prairie weather through the weekend was ideal for harvest and likely to accelerate farmer selling into cash pipeline next week. Nearby November touched $523.80, lowest price since November 17. Funds sold about 3,000 contracts on technical weakness.
November canola futures lost $10.00 or 1.9 percent at $530.50 per tonne on volume of 18,253 contracts. January canola gave up $10.10 at $540.30 on volume of 5,525 contracts. November-January spread traded 4,455 times, settling at a January premium of $9.80.
Chicago November soyabeans lost 25 US cents or 2 percent to US $12.58 per bushel. October soyaoil fell 1.28 cent to 52.40 US cents per lb. MATIF November rapeseed slipped 0.7 percent. The Canadian dollar was trading at 1.0312 or 96.97 US cents at 1:22 pm CDT (1822 GMT), down from Thursday's North American session close at $1.0274 to the US dollar, or 97.33 US cents. US crude oil settled down 0.8 percent at US $79.85 per barrel. Canada weekly canola crushings rise 14.6 percent.
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