ICE Canadian canola futures plunged on Friday with US grains after the US Department of Agriculture released bearish crop and stocks data. Nearby November canola finished with a monthly loss of 9.9 percent, the biggest since at least September 2009 on a nearby continuous chart. Also posted fourth straight weekly loss, second straight quarterly loss.
Canola's losses were more modest than US grains, with support from weaker Canadian dollar and news this week of the US approving Canadian crops for biodiesel. November canola futures tumbled $12.10 or 2.3 percent at $523.80 per tonne on volume of 15,453 contracts. Touched $522, the lowest price for a nearby contract since November 17. January canola dropped $11.80 to $534.80 on volume of 7,722 contracts. November-January spread traded 6,627 times, settling at a January premium of $11.00. Index funds rolling November positions forward.
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