Canadian canola futures rise

OTTAWA: ICE Canadian canola futures rose on Wednesday as soyabean oil prices rallied.

The spreaders are now selling canola and likely buying soyabean oil, a trader said, which limited canola's gains. The stronger Canadian dollar is also putting some pressure on canola.

November canola gained $1.40 to $485.40 per tonne.

November-January canola spread traded 2,837 times.

US soyabean futures rose as short covering and profit taking emerged after the US Department of Agriculture confirmed expectations for a massive crop.

US soyabean oil rose.

The Canadian dollar strengthened against its US counterpart as oil prices rose and investors weighed prospects of US economic stimulus.

Euronext November rapeseed futures and Malaysian October palm oil futures rose

Winter cereal harvest is ongoing in the Canadian province of Manitoba, the province said in its crop report, where many regions would benefit from a gentle rain to help with grain formation in corn, sunflowers and soyabeans.