ICE canola futures slide on commercial selling

WINNIPEG: ICE canola futures slipped on Friday, dragged down by commercial selling carried out to hedge recent selling by farmers, and weaker soyoil prices.

* Canola's earlier gains were fuelled by worries about dry Canadian conditions, higher soybean prices and a weaker Canadian dollar, a trader said.

* Alberta soil moisture conditions improved after rain in the past week.

* July canola lost $1.60 to $454.90 per tonne.

* Most-active November canola shed $1.50 to $470.30 per tonne.

* July-November canola spread traded 9,387 times.

* Canola cash prices are weak for this time of year and may need to increase for commercials to entice farmers to sell further in the next four to five weeks, Prairie Crop Charts analyst Harold Davis said in a note.

* Chicago July soybeans finished higher on poor US planting weather.

* Paris Matif August rapeseed futures and Malaysian August palm oil futures edged higher.

* The Canadian dollar fell to a one-week low against its US counterpart on Friday as US data suggesting a pick-up in consumer spending boosted the greenback.