WINNIPEG, (Manitoba): ICE canola futures climbed on Friday for a fifth straight day, pulled higher by strength in soyoil.
Robust exports and limited selling by Canadian farmers also supported canola prices, a trader said. Canola remains under priced compared to soyoil.
Most-active January canola rose $1.50 to settle at $898.40 per tonne. It touched the highest price, $911.90, for a most-active contract since June 28.
January-March canola spread, the most active inter-month spread, traded 7,063 times. US soybean futures climbed to a six-week high as soyoil futures reached their highest since June, buoyed by strong energy prices along with optimism about demand from China. Euronext February rapeseed futures also rose, ending a three-day slide that was linked to Russia’s re-entry into a Black Sea grain-shipping agreement.
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