WINNIPEG: ICE Canada canola futures jumped 2 percent on Wednesday, supported by the US Department of Agriculture's smaller than expected estimate of US soybean production, and speculative buying, traders said.
* US corn crop larger than expected, soy smaller - USDA.
* Funds bought estimated 2,000 canola contracts after big move higher, just short of contract highs.
* Lack of commercial hedge selling also seen lifting the market.
* High winds in Saskatchewan, with canola swaths lying in many fields, may also have supported - trader.
* November canola gained $13.40 or 2.1 percent to $641.70 per tonne on volume of 10,214 contracts, snapping a two-day losing streak.
* Trade ranged from $626.80, the lowest price since Aug. 30, to $645.60, the highest price in over a week.
* January canola added $13.40 to $645.50 on volume of 2,525 contracts.
* November-January spread settled at a January premium of $3.80, trading 2,273 times.
* Chicago Board of Trade November soybeans gained 44-1/4 US cents or 2.6 percent at US$17.45-3/4 per bushel.
* MATIF November rapeseed gained 0.6 percent.
* Canadian dollar was trading at $0.9761 against the US dollar or US$1.0245 at 2:01 p.m. CDT (1901 GMT), down from Tuesday's close at $0.9732 to the US dollar, or US$1.0275.
* Canada soy, corn production may fill small part of US demand.
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