Canadian canola futures rise

WINNIPEG: ICE Canadian canola futures rose on Friday to a fresh 21-month high, helped by technical buying and export sales, as well as rising soyaoil prices. Farmer selling to the cash pipeline has been steady, but commercial hedges have backed off, which has also allowed prices to rise, a trader said.

November canola gained $1.40 to $491.50 per tonne. It touched $494, the highest nearby contract price since October 2018. In the Canadian province of Alberta, 72% of canola was in good to excellent condition.

November-January canola spread traded 1,908 times. US soyabean futures were firm as US biodiesel data lifted soyoil prices.