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ICE canola ends up but posts weekly decline, pausing after contract highs

Published 2021-03-19, 03:52 p/m

(All figures in Canadian dollars unless noted)

March 19 (Reuters) - ICE (NYSE:ICE) canola futures closed higher on Friday on technical buying after a three-session decline and spillover strength from allied U.S. and European markets, traders said.

* May canola RSK1 settled up $22.10 at $776.20 per tonne, hovering below a life-of-contract high set this week at $810.90.

* For the week, the May contract RSK1 fell $24.90 per tonne or 3.1%, snapping a seven-week advance.

* New-crop November canola RSX1 ended Friday up $8.30 at $619.60.

* The inverted July-November canola spread RSN1-X1 stretched to $107.50, premium July, up from $99.10 a day earlier.

* U.S. soybean futures Sv1 closed higher in a technical bounce from sharp declines in the prior session. SOY/C

* Euronext May rapeseed futures COMK1 rose 2% on Friday while Malaysian June palm oil futures FCPOM1 fell about 2%. POI/

* A report released Thursday by a U.S. Department of Agriculture attache in Ottawa projected that Canada's total 2021/22 oilseed production would rise 6% compared to the previous marketing year, a figure that some traders said was low, given strong global oilseed demand.

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