ICE canola futures climb on soyoil surge, short-covering
ICE canola futures climbed on Friday, lifted by surging soyoil prices and short-covering.
• Commodity funds were covering some of their short positions due to canola prices rising, a trader said.
• He added that recent beneficial rains for the Canadian Prairies and selling by farmers to commercial buyers limited canola's gains.
• Most-active July canola (RSN4) rose $12.30, or 1.9%, to settle at $663.60 per metric ton.
• July-November canola spread, the most active inter-month spread, traded 10,096 times.
• Chicago Board of Trade soybean futures ZS1! rose despite a U.S. Department of Agriculture report that said U.S. soybean supplies will rise in the coming year.
• Euronext August rapeseed futures (/COMQ4) also gained ground.