Canadian canola futures rise

ICE Canadian canola futures rose on Friday, halting a four-day skid on short-covering and strength in soyaoil. Funds covered part of their short position after the November contract bounced off the support level of $440 on Thursday, a trader said. Lack of export demand, with China not buying Canadian canola, overhangs the market, a trader said. Supplies are ample, with a crop tour on Thursday reporting that canola yields look to rebound from earlier dry conditions.
November canola gained $2.80 to $444.80 per tonne. 70% of canola in Alberta was rated good or excellent, the Canadian provincial government said. November-January canola spread traded 2,286 times. Chicago August soyabeans rose in a rebound from the previous day's two-month low. Paris Matif November rapeseed futures and Malaysian October palm oil futures eased. The Canadian dollar weakened to a six-week low against its US counterpart after domestic data showed a decrease in exports.