ICE Canadian canola futures fell on Friday, in a price correction for nearby contracts after a big run-up this month. Funds have evened their net position in the most-active July contract, so it no longer has support from technical buying, a trader said. The new-crop November contract was underpinned by concerns about wet planting season weather in Western Canada, and its loss was smaller.

July canola shed $5 to $514.70 per tonne. It lost 1.9 percent on a weekly basis. July-November canola spread traded 2,390 times. Chicago Board of Trade July soybeans dropped on technical selling and a forecast for drier US weather next week. August Paris Liffe rapeseed and Malaysian July palm oil edged higher. The Canadian dollar was trading at $1.3655 to the US dollar, or 73.23 US cents at 1 pm CDT (1800 GMT), lower than Thursday's close of $1.3624, or 73.40 US cents.

Copyright Reuters, 2017