ICE Canada canola futures rose on Friday, following a rally in the US soyabean market. But canola prices closed below their session highs as the most-active July contract once again struggled to hold support above the 30-day moving average. July canola has hit resistance at that key technical point for five straight sessions. The contract also failed to take out Thursday's high.
July canola settled $2.60 higher at $444.40 per tonne. July-November canola spread traded 2,703 times. Chicago July soyabeans closed 8-1/4 cents higher at $8.29-3/4 a bushel on technical buying. Both Paris Matif August rapeseed futures and Malaysian July palm oil futures closed slightly higher. The Canadian dollar strengthened against its US counterpart on Friday, recovering from a six-day low the day before.