WINNIPEG, Manitoba--Intercontinental Exchange canola futures wrapped up the week on a strong note Friday, as spikes in crude oil and Chicago soyoil pushed up the Canadian oilseed.
An analyst said the spec funds going long and a lack of farmer selling also underpinned canola's gains. The analyst said the November contract will soon exceed C$800 per tonne.
The November canola contract advanced by nearly C$17 per tonne since July 10.
"It's a heyday for the farmers right now," he said.
Canola also received support from increases in Chicago soybeans and European rapeseed. Declines in Chicago soymeal and Malaysian palm oil had little effect on the markets today.
