WINNIPEG: ICE canola futures climbed on Thursday, after Statistics Canada pegged the size of the Canadian harvest much smaller than the trade expected.
Statistics Canada estimated canola production of 18.7 million tonnes, down from the average trade estimate of 19.3 million tonnes.
Strength in other oilseeds, such as soy and palm, added to canola's climb.
January canola jumped $9.50 or 1.6% to $589.10 per tonne, the largest increase since Nov. 10 on a percentage basis.
January-March canola spread traded 9,564 times.
Euronext February rapeseed futures and Malaysian February palm oil futures both gained ground.
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