ICE Canadian canola futures closed lower on Friday, with nearby contracts posting double-digit losses, on fund selling and pressure from the lower US soyabean markets, traders said. Despite the sharp drops in March, April and May, traders said, the market is still strong due to good global demand and worries about next year's crop.
Canola bounded to 2-1/2 year highs on Wednesday, and some of Friday's selling may have been profit-taking. March canola closed down $11.20 at $600.50 on volume of 13,906 contracts. New-crop November canola closed down $9.90 at $586.60, on volume of 1,303.
Chicago soyabeans closed down 15 to 17 cents per bushel in nearby months, pressured by good crop weather in rival producer Brazil. Canada's dollar rose against the US currency on Friday due in part to hopes the resignation of Egyptian President Hosani Mubarak will calm that region. Canadian dollar closed at $0.9868 to the US dollar, or US $1.0134. Nearby NYMEX crude oil futures were down US $1.33 at US $85.40 per barrel.
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