A highly commendatory speech (6)

I believe the answer is:

eulogy

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'speech' is the definition.
(I have seen 'Speech of praise ' mean 'eulogy' so perhaps 'speech' could also mean 'eulogy')

I cannot understand how the rest of the clue works.

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(Other definitions for eulogy that I've seen before include "Funeral tribute" , "Expression of high praise" , "'Encomium, paean (6)'" , "Speech or piece of writing that praises highly" , "Speech of high praise" .)

I've seen this clue in The Globe and Mail.

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