ICE Canadian canola rose on Friday, supported by rising soyaoil prices and buying by crushers and exporters, but finished with a third straight weekly loss. Light technical selling, tied to the November contract trading below the 50-day moving average, limited gains. Year-over-year canola stocks as of July 31, 2015 are estimated to have been sharply lower. Statistics Canada reports on September 3.
Most-active November canola gained $4.90 to $477.70 per tonne but lost 0.5 percent for the week. January canola added $4.70 to $482.10 per tonne. November-January spread traded 2,280 times. Chicago September soyaoil, a vegetable oil competitor to canola, jumped 3.4 percent. September soyabeans gained on short-covering and concerns about dryness in the US Midwest. Malaysian November palm oil and NYSE Liffe Paris November rapeseed also climbed. The Canadian dollar was trading at $1.3232, or 75.57 US cents at 1:23 pm CDT (1823 GMT), down slightly from the Bank of Canada's official Thursday close of $1.3218, or 75.65 US cents.
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