WINNIPEG (Manitoba): ICE canola futures climbed on Friday with rival oilseeds and vegetable oils, and as Canadian farmers harvest a smaller crop.
Canadian canola yields are expected to be dismal due to drought and prices still have an upside, a trader said.
In the Canadian province of Alberta, the average canola yield looks to be 24.7 bushels per acre, the provincial government said.
November canola gained $10.90 to $894.30 per tonne. The contract has traded in a tight range since mid-July.
The November-January canola spread traded 1,260 times. US soybean futures, Euronext November rapeseed futures, and Malaysian October palm oil futures also rose.