ICE canola futures end week atop month-long rally

WINNIPEG, Manitoba - April 25 (Reuters) - ICE canola July futures settled above $700 per metric ton on Friday, ending the week up and at highs not seen since the end of May 2024.

• Friday's close sits atop a powerful old-crop rally that began in mid-March, more than making up for a sudden collapse in values that occurred after China announced in early March that it was going to hit Canadian canola oil and meal with 100% tariffs.

• July canola RSN5 settled up at $4.40 per metric ton at $701.80 per metric ton. November RSX5, which reflects values for the crop being seeded in Western Canada today, rose $3.30 to $660.40.

• The week ended Friday saw the July-November spread widen further, with July at a major inverse to November. That reflects both tight nearby supplies of canola and also concerns about demand after the new crop is harvested, which is when there is greater danger from possible U.S. and Chinese trade actions, traders said.

• Chicago Board of Trade soyoil futures BOv1 weakened Friday but stayed at the highest prices for a year, following a jump on Thursday on speculation about a possible announcement on U.S. biofuels support and policy.

• Euronext August rapeseed futures COMQ5 fell 1.05% Friday, after falling across the course of the week. Malaysian palm oil futures FCPOc3 edged higher Friday in a week that saw a rebound from a nearly three week down trend. POI/

• The Canadian dollar CAD= was relatively flat. CAD/