ICE canola futures slip but stay relatively strong
WINNIPEG, Manitoba, May 30 (Reuters) - ICE canola futures fell on Friday but stayed relatively firm and near year-and-a-half highs.
• The week saw a gentle decline of values, but traders said retaining above-$700 values on old crop and new crop values approaching $700 is a sign of strength.
• January canola RSF5 settled down $8.70 at $711.10 per metric ton. November RSX5 settled down $3.20 at $688.60.
• The July-November spread tightened again, despite an extreme tightness of old crop stocks.
• The weather market is now in full force, said Tony Tryhuk of RBC Dominion Securities. Wildfires across Western Canada's forests are getting much attention, but dryness on the plains is a growing worry for canola buyers. "Arid conditions in the prairies are still the issue," said Tryhuk.
• Chicago Board of Trade soybean soyoil futures BOv1 rose 0.49% but gave back most of an opening gain.
• Euronext August rapeseed futures COMQ5 rose 0.42%. Malaysian palm oil futures FCPOc3 fell 1.37%. POI/
• The Canadian dollar CAD= rose on Friday. CAD/
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