Canadian canola futures jump to one month high

ICE Canadian canola futures jumped nearly 3 percent on Friday, hitting a more than one-month high in the most-active November contract, lifted by a soybean rally after a US report showed smaller US plantings and stocks than expected. US Department of Agriculture said that US farmers seeded a record amount of soybeans this spring, although slightly less than expected. Stocks on June 1 were also smaller than expected.
Concerns about dryness in the southern Canadian Prairie also supported canola, a trader said. Seventy-four percent of Alberta canola rated in good or excellent condition. Technical buying added strength as the market broke through moving averages. July canola jumped $21.30 to $551.30 per tonne. The contract expires July 14. November canola climbed $13.60, or 2.8 percent, to $498 per tonne.