Markets

ICE canola mostly gains, on track for big weekly loss

WINNIPEG : ICE Canada canola futures mostly rose on Friday and looked to pare a large weekly loss, as commodities drew s

Published June 24, 2011 Updated June 24, 2011 03:31pm

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By Abdul Ahad

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* Nearby July on pace for 1.9 percent weekly loss, biggest in seven weeks. Most-active November, representing the new crop, on track for 3.1 percent weekly loss.

* Premium of nearby July over November suggested a tight cash market, but traders said they are also mindful of record-large canola plantings in Western Canada.

* July-November spread seen as key trading feature on Friday and traded 212 times early.

* July slipped 40 cents to $570.00 per tonne on volume of 212 contracts at 8:22 a.m. CDT (1322 GMT).

* Most-active November rose $1.40 to $564.80 on volume of 680.

* Traders see canola up $1 to $2 at Chicago Board of Trade open.

* Chicago July soybeans were up 0.5 percent in European trading hours, supported by weaker US dollar and steady crude oil prices.

* Canadian dollar was trading at $0.9806 to the US dollar, or US$1.0198, at 8:20 a.m. CDT (1320 GMT), down from Thursday's close at $0.9780 to the US dollar, or US$1.0225.

* NYMEX crude oil futures were flat early at US$91.02 per barrel.

* MATIF November rapeseed up 0.4 percent.

* Global markets rise on Greek deal.

* Exporters sell 120,000 tonnes US soybeans to China 2011/12.

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