ICE canola futures finish up in strong week of daily gains

ICE canola futures finished the week strongly, with Friday gains beating soyoil and pushing canola well above the $600 level.

• May canola (RSK5) settled up at $14 at $613.40 per metric ton. July (RSN5) rose $12.90 to $618.30 and retained its premium to new-crop November (RSX5) at $612.20.

• May is still the most traded contract, but July is catching up, with much spread trading a feature of the market recently.

• Traders are unsure how to predict the market reaction to whatever is decided about tariffs on April 2, when the U.S. Trump administration has threatened to impose 25% tariffs on Canadian products. A phone call on Friday between Trump and new Canadian Prime Minister Mark Carney was positive, Trump said in a social media post, encouraging hopes that the tariff decision could be less damaging for Canada than feared.

• "It's really hard to know," said LeftField Commodity Research analyst Jon Driedger. "It seems imminent, but it keeps getting pushed off, but it's been telegraphed, but who knows?"

• Chicago Board of Trade soyoil futures (BOv1) rose 2.01% for a second day of strong gains following a Reuters report citing sources saying the Trump administration wants fossil fuels and biofuel interests to come up with a joint position on U.S. government support, raising hopes that biofuel production can pull out of a present stall and start growing again.

• Euronext rapeseed futures (COMc1) rose 0.86% and Malaysian palm oil futures FCPO1! rose 1.49% on strong Dalian demand.

• The Canadian dollar USDCAD weakened.