OTTAWA: ICE Canadian canola futures rose on Thursday, supported by stronger soyabean prices and a pullback in the Canadian dollar. There was some short-covering by funds ahead of a major US Department of Agriculture report, a trader said. Canola could face some selling pressure if the market moves much higher, they added.
Most-active November canola rose $2.30 to $481.40 per tonne. November-January canola spread traded 4,768 times. The Canadian dollar weakened against the greenback on Thursday as investors grew more worried that economic recovery in the United States, Canada's largest trading partner, could be pushed back by rising cases of COVID-19. Thirty-seven percent of Saskatchewan's canola and mustard crop is at the flowering stage, the Canadian province said in its weekly crop report.