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CHICAGO: ICE Canadian canola futures rallied to their highest in 7-1/2 years on Friday on follow-through buying after the market jumped on a smaller-than-expected Canadian crop estimate on Thursday. Strength in the global vegetable oils market added to the strength in canola, a trader said. Short-covering by investment funds also was supportive.
January canola jumped $4.00 to $593.10 per tonne. On a continuous basis, the front-month contract peaked at $599.00 per tonne, its highest since July 2013.