CHICAGO: ICE canola futures closed lower on Friday on spill-over pressure from falling US soyaoil futures and worries about export backlogs on Canada’s west coast, traders said.
Most-active March canola settled down $1.80 at $979.90 per tonne, but pared losses late in the session as traders covered short positions at week’s end.
The inverted January-March canola spread narrowed, with January’s premium over March trimmed to $25.70 a tonne from $26.30 a day ago.
The US soya complex traded mixed, with Chicago Board of Trade soyabean and soyameal futures climbing while benchmark CBOT January soyaoil fell more than 2%.
Yet other global oilseed markets closed higher. Euronext February rapeseed futures rose 1.45% on Friday and Malaysian February palm oil futures rose 0.46%.
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