ICE Canadian canola futures mostly rose on Thursday, lifted by worries about dry Canadian soils. Saskatchewan's cropland moisture levels continued to decline in the past week despite significant rain for some areas, the Canadian provincial government said. July canola shed $1 to $456.50 per tonne. The near month is under pressure because of large old-crop supplies.
Most-active November canola gained $2.90 to $471.80 per tonne, reflecting weather-related concerns for the next harvest. July-November canola spread traded a brisk 15,080 times. Some traders are trading the spread on weather worries, while others are rolling July positions forward, traders said.
Ottawa increased the insurance coverage available for canola exporters on Thursday, as it seeks to reduce trade risks amid a dispute with China. Chicago July soyabeans climbed on US planting delays. Paris Matif August rapeseed futures and Malaysian August palm oil futures rose.
The Canadian dollar strengthened against its US counterpart, after a three-day run of declines as oil prices rallied and domestic household indebtedness edged lower.
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