Canola Future Price Low 11 Month, Weekly Canola Prices Loss

Canola futures price slipped to a fresh 11-month low on Friday and a fifth straight weekly loss.

A lack of buying, weaker soybean futures and early pressure from a strong Canadian dollar weighed down the market.

Nearby canola ended with 1 percent weekly decline.

ICE Canada closed on Monday for Canadian Thanksgiving holiday.

November canola futures lost $4.20 at $518.60 per tonne on volume of 8,519 contracts. Touched $516.10, lowest price since Oct. 25.

January canola gave up $4.30 to $528.50 on volume of 3,809 contracts.

November-January spread traded 3,059 times, settling at a January premium of $9.90.

Chicago November soybeans lost 5-1/2 US cents to US$11.58-1/4 per bushel, pressured by favorable US harvest weather. October soyoil rose 0.15 cent to 49.07 US cents per lb.

MATIF November rapeseed lost 0.5 percent.

The Canadian dollar was trading at $1.0390 or 96.25 US cents at 1:08 p.m. CDT (1808 GMT), down from Thursday's North American session at $1.0378 to the US dollar, or 96.36 US cents.

US crude oil gained 0.5 percent to US$82.98 per barrel.

Canada weekly canola crushings rise 0.4 percent.