WINNIPEG: ICE Canada canola futures fell on Friday, setting back from a three-week high on technical selling including profit-taking, increased farmer selling and declines in US soy markets, traders said.
* Improving crop conditions added pressure, with temperatures warming in the Prairies. Statistics Canada is scheduled to release its first report on 2013 crop production and yield on Wednesday.
* Market underpinned by a weaker Canadian dollar, which makes Canadian products more attractive to holders of other currencies.
* November canola settled down $2 at $500.60 per tonne, after reaching a three-week high at $507. Volume totaled 7,537 contracts.
* Despite the lower close, the contract held above psychological support at $500 and ended the week 3.5 percent higher, halting a six-week slide.
* January canola ended down $2.20 at $506.30 per tonne on volume of 764 contracts.
* CBOT November soybeans ended down 6-1/4 US cents at US$12.59-1/4 per bushel and December soyoil fell 0.29 US cent at 43.16 US cents per lb.
* MATIF Paris November rapeseed rose 0.3 percent.
* Malaysian palm oil futures hit their highest in more than a month on Friday and posted their best weekly performance since early February, as rising exports boosted investor optimism.
* As of 2:37 p.m. CDT (1937 GMT), the Canadian dollar was trading at $1.0317, or 96.93 US cents, down from Thursday's close at C$1.0304, or 97.05 US cents.
Comments
Comments are closed.