WINNIPEG: ICE canola futures rebounded on Friday, led by higher palm oil, soyoil and soybean values and concerns that dry weather in South America could crimp oilseed output from the key growing region.

Good export demand further underpinned canola, although active farm deliveries of newly harvested canola kept a lid on gains, traders said.

November canola touched a 2-1/2 week high during the session and settled up $4.50 at $527.30 per tonne.

Spreads traded about 11,000 times on Friday, including funds trading November-January canola spreads 3,000 to 4,000 times, a broker said. Spread trades represented about two-thirds of the day's trading volume.

ICE canola futures will be closed on Monday for the Thanksgiving holiday in Canada.

The Canadian dollar reached a one-month high against the greenback on Friday on domestic data showing a faster pace of job gains.

US soybean futures jumped to the highest since March 2018 after the US Department of Agriculture pegged supplies well below expectations in a monthly report on Friday.

Euronext November rapeseed futures and Malaysian December palm oil futures both rallied.