ICE canola futures end mixed; nearby July gains while back months sag
ICE Canada canola futures closed mixed on Friday, following trends in allied U.S. soybean futures, as tight old-crop supplies of both commodities lifted nearby futures contracts while deferred contracts ended lower.
* July canola (RSN2) settled up $8.80 at $1,187.80 per tonne.
* New-crop November canola (RSX2) ended down $4.70 at $1,076.20 a tonne.
* The inverted July-November canola spread (RSN2-X2) strengthened, with the July contract expanding its premium over November to $111.60 a tonne, from $98.10 a day earlier.
* Planting of all crops in Alberta was 73.4% complete as of May 24, the provincial government said in a weekly report on Friday, up from 45.8% the previous week but behind the 10-year average of 82.4%. Alberta's canola crop was 64% planted.
* Chicago Board of Trade nearby July soybeans (SN2) settled up 5-3/4 U.S. cents at US$17.32-1/4 per bushel while new-crop November soybeans (SX2) ended down 1/4 cent at US$15.44.
* U.S. markets will be closed on Monday for the Memorial Day holiday.
* Euronext August rapeseed futures (COMQ2) fell 0.5% and benchmark Malaysian palm oil futures (FCPOc3) fell 2.8%.
* The Canadian dollar (USDCAD) climbed to a three-week high against its U.S. counterpart and posted a second straight weekly gain as recent volatility in global financial markets continued to subside.