WINNIPEG: ICE Canadian canola futures rebounded on Friday on strength from rising global vegetable oil prices and higher US soyabean futures, with several contracts notching fresh life-of-contract highs. January canola ended $5.60 higher at $583.00 per tonne after hitting a contract high of $587.00. March through July futures also hit contract highs.
Friday's gains more than offset losses in the prior session. Canola had fallen on Thursday, when US markets were closed, in anticipation of an end-of-week drop in Chicago Board of Trade soyabean futures. Tightening global vegetable oil supplies underpinned the canola market. Palm oil prices surged after India slashed its import tax on the tropical oil. Euronext February rapeseed futures and Malaysian February palm oil futures rallied on Friday.