ICE canola futures rise Friday
WINNIPEG, Manitoba, July 25 (Reuters) - ICE canola futures rose on Friday after spending the week in the doldrums, caught between bullish biofuels factors and bearishly good crop conditions.
• November canola RSX5 settled up $5.10 at $700.80 per metric ton. January RSF6 rose $5.30 at $710.40.
• The November-January canola spread narrowed during the week but the premium for January is still close to its highs.
• Analyst Jerry Klassen of Resilient Capital said U.S. biofuels policy is now a sustaining bullish factor for canola, keeping prices firm. However, he noted that improving condition of the Western Canadian crop, which is experiencing cool temperatures ideal for flowering, plus some rain, will keep a lid on any nearby gains.
• Chicago Board of Trade soyoil futures BOv1 fell 0.66%.
• Euronext August rapeseed futures COMQ5 fell 0.05%.
• Malaysian palm oil futures FCPOc3 fell 1.18% on Friday, with profit taking and weak demand cited by traders. POI/
• The Canadian dollar CAD= fell on U.S. Canada trade deal worries. CAD/
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