ICE Canadian canola futures rose Friday, finishing with a fifth straight weekly gain, on strong crusher and exporter demand as well as spillover support from higher soyoil, traders said. Canola took initial support from the US government cutting Brazil's soy production estimate 5 percent and Argentina 3 percent. Benchmark May canola notched weekly gain of 2.5 percent. May canola gained $3.90 to $584.50 per tonne on volume of 11,084 contracts.
Touched $585.80, highest price for the contract since September 15. July canola added $4.30 to $585.50 per tonne on volume of 3,758 contracts. May-July spread traded 2,641 times, settling at a July premium of $1.00. July-November spread settled at a July premium of $41.50, trading 1,586 times, on tight old-crop supplies and expectations for big plantings. 10 March contracts delivered on Friday ahead of expiry March 14.
Chicago May soybeans eased 3/4 US cent to US $13.37-3/4 per bushel. May soyoil gained 0.88 cent to 54.27 US cents per lb. The Canadian dollar was trading at $0.9893 against the US dollar or US $1.0108 at 1:37 pm CST (1937 GMT), up from Thursday's North American session close at $0.9911 to the US dollar, or US $1.0090.
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