ICE Canadian canola futures gained on Friday as traders adjusted year-end positions but the oilseed notched its first yearly loss in three years. Weather conditions in dry soya-growing areas of Brazil and Argentina seen determining canola's direction in early 2012. Supported by higher grains on Friday.
Front-month canola posted 2011 loss of 9.9 percent, but its third straight weekly gain for the three-day week, of 0.9 percent. Canola registered gain of 4.6 percent in December, its first monthly gain in four months. Posted 0.4 percent gain for the quarter.
January canola futures added $2.80 at $525.80 per tonne on volume of just 455 contracts. ICE Canada will be closed on Monday for New Year's Day holiday. Most-active March gained $4.30 to $524.30 a tonne on volume of 6,547 contracts. Canola market's open interest slipped to its lowest in more than 1-1/2 years, 132,584 contracts, as of Thursday. Suggests room for funds to take larger positions in new year - trader.
January-March spread traded 447 times, settling at a January premium of $1.50. Chicago January soyabeans added 11 US cents to US $11.98-1/2 per bushel. January soyaoil gained 0.95 cent to 52.09 US cents per lb. MATIF February rapeseed gained 0.3 percent. The Canadian dollar was trading at $1.0163 against the US dollar or 98.40 US cents at 1:09 pm CST (1909 GMT), up from Thursday's close at $1.0208 against the US dollar, or 97.96 US cents. US crude oil futures eased 0.8 percent to US $98.83 per barrel. Drought hurts crop in Brazil's No 2 soya state.
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