ICE Canadian canola closed higher in light rangebound trade on Friday, bolstered by a softer Canadian dollar that makes canola more attractive on the global market, traders said. The Canadian dollar was trading at $1.2908, or 77.47 US cents, at 2:43 pm CT (1943 GMT), below Thursday’s close of $1.2847, or 77.84 US cents.
November canola settled up $1.10 at $472.60 per tonne on volume of 9,837 contracts. The contract stayed inside the previous day’s trading range, reflecting a lack of strong market direction. January canola ended up $2.20 at $477.10 per tonne on volume of 8,100 contracts.
November-January spread traded roughly 6,100 times between $4.90 and $3.50, premium January. Declines in Chicago Board of Trade soybean futures hung over the market while CBOT soyoil settled nearly flat. Malaysian December palm oil futures fell 0.8 percent and NYSE Liffe Paris November rapeseed closed modestly higher. The Alberta canola harvest was 79.8 percent complete as of Tuesday, a weekly provincial report said. The Saskatchewan canola harvest was 89 percent complete by Monday.