ICE Canadian canola futures touched a one-week high on Friday on spillover support from gains in the US soya futures complex, traders said. January canola settled at $473.80 per tonne for the third session in a row. The contract touched a session peak of $478, its highest price since December 21. The front-month contract set a two-year low of $470.60 per tonne on Wednesday.

Most-active March canola ended up $1.10 at $484.60 per tonne. Prices rose as soyabean, soyameal and soyaoil futures advanced at the Chicago Board of Trade on hopes for Chinese buying, traders said. Gains in canola prices prompted light selling of crops by farmers, a broker said.

Traders were rolling positions out of the January contract and into the March contract. Volume in the January-March spread was 2,974 contracts.

Copyright Reuters, 2019