ICE Canadian canola futures gained on Friday, supported by early buying due to optimism about the euro debt crisis and strength in soybeans, but finished with a slight 0.2 percent weekly loss. Thin volume of about 15,200 contracts traded, mostly in inter-month spreading. Some speculators still on sidelines after MF Global collapse - trader.
Some position adjusting seen ahead of Statistics Canada crop production report on Tuesday, December 6. January canola futures gained $2.40 to $502.30 per tonne on volume of 6,917 contracts.
March rose $2.40 to $502.20 a tonne on volume of 5,461 contracts. January-March spread traded 4,341 times, settling at a January premium of 10 cents. July-November spread traded 602 times, ending at $21.40 July premium. Chicago January soybeans gained 7-3/4 US cents to US $11.35-3/4 per bushel. January soyoil added 0.55 cent at 50.25 US cents per lb.
MATIF February rapeseed gained 0.4 percent. The Canadian dollar was trading at C$1.0185 against the US dollar or 98.18 US cents at 1:12 pm CST (1912 GMT), down from Thursday's close at $1.0143 versus the US dollar, or 98.59 US cents. US crude oil futures gained 0.8 percent to US $100.96 per barrel. Canada weekly canola crushings up 0.8 percent. European Central Bank opens door to action ahead of December 9 summit.
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