ICE Canadian canola fell on Friday as commercial dealer hedged purchases from farmers and after the Canadian government boosted its harvest estimate more than expected. For the week, the January contract climbed 2.4 percent, the biggest nearby weekly gain since September. Statistics Canada's final production report boosted its canola harvest estimate to 17.2 million tonnes from 14.3 million previously and compared with trade expectations for 15.6 million.
Canola traded higher for much of the session, lifted by surging Chicago soyoil prices. Soyoil and canola oil compete in the global vegetable oil market. January canola lost $1.10 at $474.20 per tonne, snapping a four-day winning streak. Most-active March canola finished unchanged at $483 per tonne.
January-March spread traded 9,675 times. Activity was also brisk in July-November spreading, which traded 3,707 times and pushed up the new-crop November contract, due to the big Statscan estimate for the current crop year. Malaysian February palm oil edged higher and NYSE Liffe Paris February rapeseed sagged. The Canadian dollar was trading at $1.3370, or 74.79 US cents at 1:07 pm CST (1907 GMT), lower than Thursday's close at $1.3338 to the greenback, or 74.97 US cents.
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