ICE Canadian canola futures slipped on Friday as buying interest cooled at prices near contract highs, but the oilseed notched its 11th weekly gain in 13 weeks. Spillover pressure seen from weaker US soybeans and grains on concerns about slowing growth in China, a major oilseed buyer.
Rain or snow seen across much of the Prairies on Friday or during the weekend, according to Environment Canada, bringing needed moisture ahead of planting, which could begin in some areas next week. May canola lost $3.90 at $625.90 per tonne on volume of 4,719 contracts. Posted weekly gain of 0.7 percent. July canola gave up $3.70 to $620.50 per tonne on volume of 7,255 contracts. May-July spread traded 4,074 times, settling at a May premium of $5.40. July-November spread settled at a July premium of $40.70, trading 1,752 times.
Chicago May soybeans lost 4-1/4 US cents to US $14.36-3/4 per bushel. May soyoil shed 0.71 cent to 56.52 US cents per lb. MATIF May rapeseed slipped 0.8 per cent. The Canadian dollar was trading at $0.9985 against the US dollar or US $1.0015 at 1:15 pm CDT (1815 GMT), down from its Thursday North American finish at C$0.9945 versus the US dollar, or $1.0055.