WINNIPEG, (Manitoba): ICE canola futures plunged on Friday for a third straight day, dragged down by weakness in larger vegetable oil rival soybean oil. Soyoil prices plummeted after Reuters reported that the White House was considering relief from biofuel blending laws for oil refiners, which could limit demand for soyoil.
Most-active November canola lost $17 to $744.30 per tonne. Touched a 10-day low of $732.50. Weakness in the Canadian dollar, which hit a four-week low, underpinned canola. Recent rains have improved the outlook for Canada's canola crop.
In the Canadian province of Alberta, 87 percent of canola acres emerged, compared to the five-year average of 77 percent. November-January canola spread traded 2,143 times. Euronext August rapeseed futures and Malaysian August palm oil futures fell.
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