ICE canola ends higher, following strength in allied US soyoil
All figures in Canadian dollars unless noted
Sept 20 (Reuters) -ICE canola futures closed higher on Friday on spillover strength from allied U.S. soyoil futures and speculative short-covering, traders said.
ICE November canola RSX4 settled up $6.30 at $588.90 per metric ton and January canola RSF5 ended up $4.70 at $599.10 a ton.
Bull-spreading was a feature this week, with the November contract narrowing its discount to the January contract as traders unwound long January/short November spread positions.
Harvest-related selling was light as Canadian farmers held out for higher prices, although near the closing bell, the January contract briefly traded above $600, thought to be a target price for some growers.
Rallies were capped by uncertainty about export demand from China, which has launched a one-year anti-dumping investigation into Canadian canola.
On the Chicago Board of Trade, December soyoil BOZ24 settled up 0.43 U.S. cent, or 1.05%, to close at 41.36 U.S. cents per pound. Traders noted stronger-than-expected weekly export data for U.S. soyoil, with the USDA on Thursday reporting soyoil sales for the week ended Sept. 12 at 46,700 tons, a marketing-year high. EXP/SOO
Malaysian palm oil FCPOc3 rose 1.83% while Euronext November rapeseed futures COMX4 fell 0.32%.
In Alberta, the canola harvest was 30.8% complete by Tuesday, the Canadian province's weekly progress report said. Rains slowed field work but harvest progress for major Alberta crops was still ahead of the prior five- and 10-year averages. GRO/ALB
The Canadian dollar CAD= steadied against its U.S. counterpart as domestic data showed retail sales rising more than expected in July and despite the greenback notching gains against some other major currencies. CAD/
Reporting by Julie Ingwersen; Editing by Rod Nickel
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