ICE canola futures climb on soyoil surge, short-covering

ICE canola futures climbed on Friday, lifted by surging soyoil prices and short-covering.

• Commodity funds were covering some of their short positions due to canola prices rising, a trader said.

• He added that recent beneficial rains for the Canadian Prairies and selling by farmers to commercial buyers limited canola's gains.

• Most-active July canola (RSN4) rose $12.30, or 1.9%, to settle at $663.60 per metric ton.

• July-November canola spread, the most active inter-month spread, traded 10,096 times.

• Chicago Board of Trade soybean futures ZS1! rose despite a U.S. Department of Agriculture report that said U.S. soybean supplies will rise in the coming year.

• Euronext August rapeseed futures (/COMQ4) also gained ground.