WINNIPEG: ICE Canada canola futures eased on Friday, touching a more than six-week low, pressured by technical weakness and lower soybean prices.
Traders continue to factor in a bigger-than-expected Canadian canola harvest, reported this week by Statistics Canada, a trader said.
January canola lost 80 cents to $505.10 per tonne.
The January contract dipped as low as $504, and could slide on technical selling if it falls further next week, traders said.
January-March canola spread traded 6,189 times.
Chicago January soybean futures dropped on expectations for a big South American crop.
NYSE MATIF February rapeseed and Malaysian February crude palm oil dipped.
The Canadian dollar was trading at C$1.2869 to the US dollar, or 77.71 US cents at 1:15 p.m. CST (1915 GMT).
Canada weekly canola crushings rose 5.7 percent.
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