ICE Canadian canola futures rose on Friday on short-covering, but notched their fifth straight weekly loss. Weak Canadian dollar added support, and canola shrugged off a drop in soybean prices. November canola finished with a weekly loss of 0.7 percent. Favourable crop conditions limited canola's upside. Yields 10 to 20 percent above long-term averages expected in Alberta.
ICE Futures Canada closed on Monday for Canadian holiday. November canola gained $4.20 to $493.60 per tonne on volume of 10,609 contracts. Resistance seen around $500. January canola added $4.30 to $497.40 per tonne on volume of 1,286 contracts. November-January spread widened to a January premium of $3.80, trading a light 952 times.