WINNIPEG, Manitoba): ICE canola futures surged to a record high on Friday, tracking gains in soybeans. Canola buying also reflects "inflation hype," a broker said. The crop is in short supply after a Canadian drought this year.

Most-active January canola gained $20.90 to $1,025.30 per tonne. The contract set a record high for canola of $1,028.90. January-March canola spread traded 2,105 times.