WINNIPEG: ICE Canadian canola futures jumped on Wednesday to another nearly 13-year high, driven by short-covering and tight Canadian supplies.

Short-covering by commercials in the nearby March contract has pushed it to an unusual, steep premium over deferred contracts, reflecting tight supplies for crushers and exporters, said Uros Vukov, a broker at StoneX. He said the recent out-performance of canola versus other oilseeds is primarily a function of the physical market.