ICE Canadian canola futures rose on Friday, shrugging off earlier losses due to bearish US soyabean data to climb with soya and crude oil futures. Nearby May canola notched a 0.3 percent weekly loss, its first in four weeks despite Friday's gain.
Chicago soya futures rose sharply on support from a weak US dollar and soyabean spread unwinding versus corn, pulling up oilseed cousin canola. For details, The US Agriculture Department failed to trim its projections for US soyabean stockpiles, catching traders by surprise with its stand-pat estimate of 140 million bushels. Total canola volume of nearly 26,000 contracts was the highest since March 31, when USDA released planting report. May canola was up $6.80, or 1.2 percent, at $588.90 per tonne, on volume of 14,894 contracts. July was up $7.10 at $597.80, volume 7,162. New-crop November was up $8.10 at $583.50 on volume of 2,618 contracts.
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