ICE Canadian canola prices rose on Friday and set a one-month high on spillover strength from other global vegetable oil markets including US soy and Malaysian palm, traders said. Harvest selling by farmers tempered the gains in canola, with the most-active November contract settling off its session highs. November canola ended up $4.60 at $476.30 per tonne after reaching $480.80, its highest since August 25. Volume totalled 24,616 contracts.
January canola gained $4.80 to settle at $481.50 per tonne on a volume of 8,510 contracts. Malaysian palm oil futures surged 4.6 percent to their highest level in 3-1/2 months, bolstered by a weak ringgit currency and concerns over production. Chicago November soybeans rose on improving export prospects, especially to top buyer China, and a slight recovery in Brazil's currency, the real, which could slow Brazilian farmer soybean sales and plantings. NYSE Liffe Paris November rapeseed also rose. The Canadian dollar was trading at $1.3337, or 74.98 US cents at 4:33 pm CDT (2133 GMT), compared to the Bank of Canada's official Thursday close of 1.3318, or 75.09 US cents.
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