ICE Canadian canola futures rose on Wednesday, bouncing off a one-month low reached a day earlier, on thoughts that its recent declines were excessive. November canola gained $2.70 at $491.30 per tonne.
Statistics Canada is scheduled to report estimates of crop production on Friday. Traders expect the agency to peg canola production at 20.2 million tonnes, down from 21.3 million a year ago.
The November-January canola spread traded 1,641 times. Chicago November soybeans climbed on a technical rebound. November Paris Matif rapeseed futures rose and Malaysian November palm oil eased. The Canadian dollar was trading at $1.2921 to the US dollar, or 77.39 US cents at 1:04 p.m. CDT (1804 GMT).
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