ICE Canadian canola futures closed higher on Friday on short-covering ahead of a long holiday weekend and spillover strength from allied US soy markets, traders said. Most-active November canola settled up $3.90 at $455.90 per tonne, halting a five-session slide. The contract rallied after dipping to a seven-week low of $451.
The July-November canola spread traded 540 times between $3.30 and $11.80, premium November. Trade in ICE canola futures will be closed on Monday in observance of Canada Day, with trade resuming on Tuesday.
Chicago July soyabeans closed higher after the US Department of Agriculture (USDA) estimated US 2019 plantings at 80 million acres, well below trade expectations, traders said.