ICE canola futures drop Friday but gain in shortened week

WINNIPEG, Manitoba - April 17 (Reuters) - ICE canola futures softened on Thursday but rose over the shortened trading week.

• The Winnipeg canola market will be closed for the Good Friday statutory holiday.

• Most-traded July canola RSN5 settled down $5 at $675.70 per metric ton. November RSX5 settled down $2.20 at $650.50.

• Nearby canola futures are at their highest since June 2024 despite tariff troubles and fraught geopolitical situations with both the U.S. and China. Low canola stocks plus continuing demand are driving that price strength, traders said.

• The July-November spread has the 2025 crop at a $26 discount to the 2024 crop, revealing the nearby supply tightness.

• Chicago Board of Trade soyoil futures BOv1 rose 0.7%.

• Euronext rapeseed futures COMc1 fell 1.2%, following a smaller loss on Wednesday. Malaysian palm oil futures FCPOc3 fell 0.1% Thursday and were at their lowest since October 1. POI/

• The Canadian dollar CAD= gained for a seventh straight week and sits at five-week highs. CAD/