ICE canola futures fall with vegoils, lack of crop news

ICE canola futures fell in lockstep with Chicago soyoil, with little canola-specific news to spur independent action.

• November canola (RSX5) settled down $12.90 at $682.50 per metric ton. January (RSF6) settled down $13.70 at $693.80. Losses were heaviest for November and progressively less for each following month.

• Friday did not see a reprise of canola's relative strength on Thursday, in which a big drop in Chicago soyoil was mostly ignored. Soyoil led the vegoils markets down, traders said.

• Canadian farmers have been holding back from pricing the crop presently growing, traders said. A grain industry source said farmers are unusually low on booking new crop sales for this time in the season.

• High prices for inputs like fertilizers have made farmers reluctant sellers at the $700 per ton level, traders said.

• "People are kind of wait and see," said broker David Derwin of Ventum Financial. "It's the summer doldrums."

• Chicago Board of Trade soyoil futures (BOv1) fell 1.53% after hitting contract highs earlier this week. Vegoils are relatively strong amidst the grains futures contracts, which are mainly at the lower ends of their ranges.

• Euronext August rapeseed futures (COMQ5) fell 1.61%.

• Malaysian palm oil futures FCPO1! rose 0.38% in rangebound trade.

• The Canadian dollar USDCAD reversed course and gained strength on Friday after six consecutive losses against the greenback.