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WINNIPEG, (Manitoba): ICE canola futures surged on Friday on spreads against soybean oil and after a Canadian government report pegged the harvest smaller than expected.
Canola has been trading at a large discount to soyoil and, with soyoil down sharply over disappointing US government biofuels targets, investors bought canola to narrow the spread, a trader said. Further support came from diminishing Canadian canola supplies.