ICE canola futures close up but almost flat for week

WINNIPEG, Manitoba, May 9 (Reuters) - ICE canola futures had a strong day on Friday, but were only marginally higher for the week.

• July futures RSN5 are at their highest since November 2023. November futures RSX5 are at their highest since May 2024.

• July canola settled up $11.20 at $712.10 per metric ton. November settled at $670.60 with a gain of $8.10.

• Traders said optimism about trade tensions lessening between the U.S. and China is combining with tight old crop stocks and the expectation of almost no carry-in stocks for the crop being harvested this autumn to push prices higher.

• The Canadian Grain Commission reported that Canadian canola exports continue at a fast pace, one that will exhaust the 5.9 million tons of stocks (as of March 31) that Statistics Canada reported Thursday.

• Chicago Board of Trade soyoil futures BOv1 rose 0.25% on Friday but ended the week slightly lower, despite growing hopes that the U.S.-China trade war could be resolved or reduced in intensity.

• Euronext August rapeseed futures COMQ5 fell 0.21%. Malaysian palm oil futures FCPOc3 rose 0.34% but ended down for a second consecutive week. POI/

• The Canadian dollar CAD= weakened on Friday and had a weekly decline as increasing Canadian unemployment and a more hawkish U.S. central bank made the greenback comparatively more attractive. CAD/