ICE Canadian canola futures extended a three-day winning streak on Friday, boosting the key May contract to its biggest weekly gain in nearly three months of 2.6 percent. Stronger US markets offered spillover support, with corn futures leading the way higher after a bullish private acreage forecast. [GRA/] Canola traders note cold, snowy weather in Western Canada that may raise flood potential ahead of planting.
Trading highly volatile, with May trading in $27.40 range, as volume continued to be light around 12,200 contracts. May canola settled $10.70 or 1.9 percent higher at $572.80 a tonne. Volume 9,278. New-crop November ended up $9.50 at $560.00; volume 1,574. May-July spread traded 799 times, July premium ranging from $7.60 to $6.40.
Canadian dollar traded at $0.9850 to the US dollar or US$1.0152 as of 1:08 pm CDT (1808 GMT), up from Thursday's North American session close at $0.9863 to the US dollar, or $1.0139. Chicago May soybeans settled 27-1/4 US cents higher at US$13.62-1/2 per bushel. CBOT May soyoil settled 1.25 US cent higher at 55.77 US cents per lb. NYMEX crude oil futures settled down 35 US cents at US$101.07 per barrel.