ICE Canadian canola futures rose on Friday after a Statistics Canada report showed tighter than expected supplies, traders said. Statscan reported March 31 stocks of 4.85 million tonnes, down 23 percent from a year ago. Short-covering may also support after heavy losses this week-trader. July contract on pace for 1.9 percent weekly loss.
Weaker US soya prices and stronger Canadian dollar tempered gains. Most active July up $4.00 to $556.50 on volume of 962 contracts as of 8:20 am CDT (1320 GMT). New-crop November up $3.60 at $552.50 on volume of 422. Traders see canola trading up $3 at Chicago Board of Trade open. Chicago soyabean futures called to open down 2 to 3 US cents.
The Canadian dollar was trading at $0.9578 to the US dollar or US $1.0440 as of 8:16 am CDT (1316 GMT), up from Thursday's finish at $0.9682 to the US dollar, or US $1.0328. NYMEX crude oil futures were down 0.4 percent at US $99.40 per barrel. Coming up: Canada weekly oilseed crushings data, Alberta crop report on Friday.
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