WINNIPEG: ICE Canadian canola futures rose on Friday due to short-covering ahead of a three-day holiday weekend, and notched a weekly gain.
Strength in US soyoil markets added to canola’s strength.
Prospects for a large Canadian crop have kept a lid on prices, but in Alberta, the government said wet weather had limited harvesting progress.
November canola added $3.10 at $465.30 per tonne gained 2 percent for the week.
January canola gained $2.40 at $470.90.
November-January canola spread traded 2,642 times.
Chicago November soybeans rose on a technical bounce. NYSE Liffe November rapeseed and October Malaysian crude palm oil gained.—Reuters