ICE Canadian canola futures edged higher on Friday and touched a fresh six-month top, registering a sixth straight weekly gain. Canola rose late in the session, riding spillover support from higher soybeans and crude oil, after profit-taking pressured the market earlier. Canada's agriculture department on Thursday raised its canola planting forecast to 20.4 million acres.
May canola gained 90 cents to $599.80 per tonne on volume of 9,524 contracts. Touched $601.70, the contract's highest price since September 2. May canola posted a 2.6 percent weekly gain. July canola added 40 cents to $598.90 per tonne on volume of 5,461 contracts.
May-July spread traded 4,367 times, settling at a May premium of 90 cents. July-November spread widened to a July premium of $41.60, amid tight old-crop supplies and big planting forecasts, trading 1,133 times. Chicago May soybeans gained 5 US cents to US $13.74 per bushel. May soyoil gained 0.02 cent to 55.50 US cents per lb. MATIF May rapeseed gained 0.1 percent. The Canadian dollar was trading at $0.9911 against the US dollar, or US $1.0090, at 1:46 pm CDT (1846 GMT), up from Thursday's close of $0.9922 versus the US currency, or US $1.0079.