ICE canola futures closed strongly higher on Friday, boosted in part by renewed speculative buying ahead of next week’s USDA WASDE report.
Strength in Chicago soybeans and soybean oil, along with European rapeseed provided underlying support to canola prices. Ongoing uncertainty surrounding the Iran conflict and its impact on global energy markets also continued to underpin crude oil prices.
Traders were also positioning ahead of key market-moving events next week, including the Trump-Xi summit and updated global supply-and-demand estimates from the USDA.
July canola climbed $13.90 to $753.10, and November added $14.70 to $757.90.
