ICE Canadian canola futures gained 1.3 percent on Friday, tracking a rally in the US soyabean market that sent prices of the rival oilseed to record-highs, traders said. Technical buying accelerated gains as the front month contract breached a previous contract high. The market advanced despite expected record canola production in Canada, with harvest seen starting earlier than usual due to ideal development weather.
US soyabeans hit a record peak on Friday as forecasts for more hot, dry weather raised concerns that the already drought-stressed crop would deteriorate further. Benchmark November canola jumped $8.10, or 1.3 percent, to $644.80 per tonne on volume of 8,963 contracts. The contract gained 3.3 percent this week. Technical buying noted above the previous contract high of $639.80 posted on Thursday.
January rose $7.40, or 1.1 percent, to $647.10 per tonne on volume of 4,178. Chicago Board of Trade November soyabeans added 34 cents, or 2.1 percent, and settled at US $16.86-1/4 per bushel. The front-month contract set a record high of US $17.77-3/4 earlier in the session.
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