Canadian canola futures rise

Canadian Canola futures edged higher on the ICE Canada exchange on Friday, boosted by bull-spreading and bargain buying after prices fell to a one-week low earlier in the session, traders said. Traders were buying front-month July canola futures and selling new-crop November amid tight existing supplies and expectations for a record large planted area in the Canadian Prairies.
July canola was up $2.70 to settle at $523.20 per tonne. November canola gained $1.40 to $499.90. The July-November spread traded about 1,500 times and the November-January spread about 1,000 times, a trader said. Chicago Board of Trade soybean futures gained nearly 1 percent, rebounding from losses of 3 percent on Thursday. NYSE MATIF August rapeseed and Malaysian July palm oil each notched small gains.