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WINNIPEG: ICE Canada canola futures rose on Friday, led by the front month to its biggest gain in eight months, on oversold conditions and short-covering by exporters. * Nearby canola gained 0.4 percent for the week, their fifth straight weekly gain.
May contract buying was also linked to the expiry on Friday of May options.
A lack of commercial hedges and fund selling also allowed canola to jump.
Support also spilled over from the previous day's Statistics Canada report. Statscan estimated farmer canola planting intentions on Thursday at 19.801 million acres, versus trade expectations for 21.1 million acres.
May canola jumped $19.30, or 4.3 percent, at $471.70 per tonne. It was the biggest nearby gain since August, 2013.
Most-active July canola gained $14.20 to $474.30 per tonne.
Chicago May soybeans jumped 1.8 percent at US$14.98 per bushel.
NYSE Liffe Paris May rapeseed lost 2.6 percent, but back months were higher.
Malaysian May palm oil edged up 0.2 percent.
Canadian dollar was trading at $1.1037 versus the US dollar or 90.60 US cents at 1:03 p.m. CDT (1803 GMT), down from Thursday's close at $1.1028 to the greenback, or 90.68 US cents.
Pakistan buyers bought 101,000 tonnes of Canadian canola in recent weeks, Reuters reported on Friday.
Canada weekly canola crushings slip 1 percent.
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