ICE Canadian canola futures ended higher on Friday, paring its third straight weekly loss on spillover strength from US grains and soya that rose to daily trading limits. Nearby canola contract posts 1.9 percent weekly decline after volatile week in which the front month rose or fell between 1 and 5 percent each day.
Chicago corn and soya futures hit daily limits in a snapback rally from a week-long slide tied to investor liquidation due to geopolitical concerns centered on Libya. Canola lagged Chicago soyabean gains, possibly on general investor uncertainty, greater fund buying in the United States and pressure from stronger Canadian dollar-traders. March ended up $9.60 or 1.7 percent at $575.00 on volume of 5,145 contracts.
May up $9.20 at $583.40, volume 14,530. Ends above 100-day moving average to improve technical indicators followed by funds-trader. March-May spread traded 4,662 times, settling at $8.40, premium May. Market open interest as of Wednesday dipped under 200,000 contracts for first time in six weeks as speculators liquidated long positions in past week. Chicago March soyabeans settled up 47-1/4 US cents or 3.6 percent at US $13.65-1/2 per bushel. Canadian dollar trading at $0.9795 to the US dollar or US $1.0209 at 1:09 pm CST (1909 GMT), up from Thursday's close at $0.9832 to the US dollar, or $1.0171.
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