ICE Close: Short-Covering Boosts Canola Ahead of Weekend


Canola futures were stronger on Friday, seeing a modest short-covering correction ahead of the weekend.


Canola futures were stronger on Friday, seeing a modest short-covering correction ahead of the weekend.

Gains in Chicago soybeans and soyoil contributed to the firmer tone in canola, while a slightly weaker tone in the Canadian dollar was also supportive.

However, a lack of significant end-user demand tempered the upside.

The lack of information from the USDA also kept some caution in the agricultural markets. Monthly USDA supply/demand numbers were supposed to be released on Friday, but remain delayed indefinitely due to the country's partial government shutdown.

March canola was up $2.80 at $483.30, May gained $3.10 to $492.10 and new-crop November climbed $3.80 to $498.20.

Source: DePutter Publishing Ltd.

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