ICE canola futures ease on dull demand; down sharply in week
All figures in Canadian dollars unless noted
WINNIPEG, Nov 22 (Reuters) -ICE canola futures fell to fresh two-month lows on Friday on fading export demand,chalking up a $50 drop in value for the week.
• The break began November 19, with futures stepping down three days in a row to fall to price levelsnot seen since September 18, just beyond the January contract lows of September 16 at $553.70. The rally took canola to the $660 area.
• January canola RSF5 settled down $2.80 at $592.20 per metric ton. March RSH5 settled down $2.70 at $605.50.
* The surge in sales to China, a major factor in the market since harvest, has faded. "They've done what they need to do. Now it's being executed. There's a demand hole while we wait for other players to step up," said Jamie Wilton of R.J. O'Brien
• Chicago Board of Trade soybean futures Sv1 regained a few cents on short-covering and a technical correction, while soyoil futures BOv1 lost another 0.8% to end a week of worry about what the incoming Trump administration could mean for biofuels production and the possible desire to China to avoid U.S. soybean supplies.
• Euronext August rapeseed futures COMG5 fell 6% for the week, erasing all the gains that have occurred since October 29.
* Malaysian palm oil futures FCPOc3 fell 8% for the week, its worst in 19 months, with weak demand for palm in Asian markets making the vegoil susceptible to the slump in North American vegoil prices. POI/
• The Canadian dollar CAD= was little changed mid-Friday. CAD/
Reporting by Ed White; Editing by Mohammed Safi Shamsi
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