Slightly higher soybean and soy oil prices didn’t stop canola prices falling Friday as a rising dollar, falling crude oil and brisk commercial hedging undercut the oilseed.
July ICE Canada Futures canola futures closed down $1.10 per tonne at $388. November canola futures closed down 30 cents to $390.40.
Outside markets were quieter than Thursday’s tumultuous riot, allowing the Canadian dollar to regain some of the ground it lost as investment money around the world fled to the perceived safe haven of the U.S. dollar. Regular Japanese commercial canola buyers helped counteract the negative affect of the rising dollar as it rose to 95.8 cents from 95.03 in relative value compared to the U.S. dollar.
But Canadian grain companies sold canola futures as commercial hedges.
Soybean prices at the Chicago Board of Trade rose six cents per bushel to $9.60, while soy oil rose 0.32 cents per pound to 38.44.
Crude oil futures fell to $75.26, down $1.85.
Canadian canola crushing fell 16 percent.
Equity markets in Canada and the U.S. fell Friday regardless of rosy employment data reports but did not reproduce Thursday’s explosive slump and rally in the last hour of trading in New York. Anxiety from the Greek debt crisis lingered.
