ReutersReuters

ICE canola futures slip on soyoil, crude weakness

ICE most-active canola futures slipped on Friday, pressured by lower soyoil and crude prices.

* Crushers have scaled back canola buying after margins weakened this month, a trader said.

* Most-active March canola (RSH3) eased 20 cents to settle at $860.90 per tonne.

* Earlier in the session, March canola surpassed its 50-day moving average and touched a three-week high, causing commodity funds to cover shorts.

* January-March canola spread, the most active inter-month spread, traded 7,158 times.

* U.S. soybean futures ZS1! fell after the U.S. Department of Agriculture increased its estimate of global ending stocks, though strong exports and South American weather concerns underpin the market.

* Euronext February rapeseed futures (/COMG3) also dipped.

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