ICE Canadian canola futures gained on Friday for the fifth straight day, following soybeans, and registered a large weekly advance. Most active contract rose 4.7 percent for the week, its biggest advance since October. Canola prices look high and are due for a pullback next week, a trader said. Technical buying has boosted canola this week.
March canola tacked on 70 cents at $527.80 per tonne. Most-active May canola added $1 to $536 per tonne, touching a fresh two-month high. March-May canola spread traded a brisk 14,448 times, as investors moved positions forward. Chicago Board of Trade March soybeans rebounded on export demand. The Canadian dollar was trading at $1.3079 to the US dollar, or 76.46 US cents, at 12:51 pm CST (1851 GMT), higher than Thursday's close at $1.3141 per US dollar, or 76.10 US cents.
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