Canadian canola futures raised on Friday, following soyabeans, but finished with a slight weekly loss, their first in eight weeks. Speculators were steady buyers and funds may have added to their net long position - trader. Crusher buying seen in some deferred months.
Soyabeans gained on worries about drought-reduced crops in South America and that early corn seeding in the US Midwest may divert planted acres from soyabeans. May canola rose $9.90 or 1.7 percent to $598.50 per tonne on volume of 10,861 contracts. Posted 0.2 percent weekly loss. July canola gained $9.90 to $596.80 per tonne on volume of 6,277 contracts.
May-July spread traded 4,423 times, settling at a July premium of $1.70. July-November spread settled at a July premium of $37.70, trading 2,810 times. Chicago May soyabeans added 16-1/4 US cents or 1.2 percent to US $13.65-3/4 per bushel. May soyaoil added 0.92 cent to 54.88 US cents per lb.
MATIF May rapeseed added 1.9 percent. The Canadian dollar was trading at $0.9994 against the US dollar or US $1.0006 at 1:11 pm CDT (1811 GMT), up slightly from Thursday's North American session close at $0.9997 versus the US dollar, or US $1.0003. US light crude oil rose 1.4 percent at $106.87 per barrel. Canada weekly canola crushing dip 1.3 percent. Farm Futures survey pegs 2012 US corn acreage 95.1 million.
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