WINNIPEG, (Manitoba): ICE canola futures bounced on Thursday, halting their longest skid in two years, as buyers took advantage of recent price weakness.
Rains in the past week have lifted trade expectations for the next Canadian harvest, and export demand dried up after July canola exceeded $1,000 per tonne this month, a broker said.
Most-active November canola gained $25.30 or 3.7% to $716.60 per tonne.
In the Canadian province of Saskatchewan, planting is ahead of schedule and rain has boosted crop development, the provincial government said.
November-January canola spread traded 2,501 times.
Chicago Board of Trade soybean futures were lifted by short-covering and technical buying, and spillover support from surging corn prices.
Euronext August rapeseed futures rose and Malaysian August palm oil futures dropped.
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