CHICAGO: ICE canola futures rose on Friday on a round of short-covering by commodity funds ahead of a three-day weekend, traders said.

Prices hit their highest since Feb. 8 during the session but closed well below that peak as commercial hedging pulled prices lower.

Most-active May canola rose $2.10 to settle at $820.30 per tonne, after topping out at $827.70.

May canola dropped 0.5% for the week, its fifth decline in the last five weeks. March canola rose $4.90 to $828.40 per tonne.