ICE Canadian canola futures rose on Thursday on support from gains in rival vegetable oils palm and soyaoil. Malaysian palm reached new highs due to lower than expected October inventories. The most active canola contract gained 1 percent for the short week. ICE Futures Canada will be closed on Friday for a holiday.
Despite gains, canola prices may weaken as Canadian farmers make progress harvesting crops that they had earlier expected to leave in fields due to poor weather, a trader said. January canola gained $4.80 at $513.90 per tonne. January-March canola spread traded 2,276 times. Chicago January soyabeans gained on technical buying and Chinese demand. NYSE Liffe February rapeseed and Malaysian January crude palm oil rose. The Canadian dollar was trading at $1.3443 to the US dollar, or 74.39 US cents at 12:57 pm CST (1857 GMT), lower than Wednesday's close of $1.3378, or 74.75 US cents.
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