WINNIPEG, (Manitoba): ICE canola futures closed higher on Friday on a mix of short-covering ahead of a long holiday weekend, strength in allied US soyoil futures and a softer Canadian dollar, which tends to make Canadian products more attractive globally, traders said.

March canola settled up $10.80 at $1,019.60 per tonne and most-active May canola ended up $9.40 at $1,012.10 per tonne.

The inverted March-May canola spread trended weaker this week this week but firmed on Friday, with the March contract expanding its premium over May to $7.50 a tonne, up from $6.10 a day earlier.

Chicago Board of Trade soybean futures rose on expectations that crop shortfalls in South America will spur demand for US soy supplies.

CBOT soyoil futures also firmed on export optimism, with the most-active contract hitting its highest level since June. Indian traders have contracted to import a record 100,000 tonnes of US soyoil, dealers told Reuters.

Euronext May rapeseed futures rose 0.8% and Malaysian palm oil futures rose 0.6%.

The Canadian dollar fell against its US counterpart as investors, mindful of Russia’s military build-up around Ukraine, shed exposure to risk-sensitive assets ahead of a long weekend in Canada and the United States. Canadian and US markets will be closed on Monday, Feb. 21, for public holidays.

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