ICE Canadian canola futures rose on Friday, lifted by strength in US grains, but finished with their biggest weekly loss in seven weeks. Investors covered short positions in US crops ahead of Tuesday's US Department of Agriculture report, and the strength spilled over to canola, a trader said. The market shrugged off a report that the US Food and Drug Administration blocked a Canadian canola meal shipment from a Bunge Ltd plant in Hamilton, Ontario.

Most-active March canola rose $3.30 at $481.30 per tonne. It lost 1.1 percent for the week. ICE reported no January canola deliveries. The contract expires January 14. March-May canola spread traded 2,025 times. Chicago March soybeans last traded slightly lower in position-squaring ahead of the USDA report. Malaysian March crude palm oil rose and NYSE Liffe Paris February rapeseed slipped. The Canadian dollar was trading at $1.4129, or 70.78 US cents, at 1:09 pm CST (1909 GMT), down from the Bank of Canada's official close of $1.4097, or 70.94 US cents.

Copyright Reuters, 2016