ICE canola futures rise to 7-week high on soyoil surge, short-covering

WINNIPEG: ICE canola futures rose on Friday to a five-week high, boosted by a surge in soyoil prices and short-covering.

* A trader said that farmers have also increased the pace of their selling to commercial buyers as prices have rallied, triggering commercial hedges and limiting gains.

* November canola gained $1.90 to $454.10 per tonne and touched the highest price of a nearby contract since June 20.

* November-January canola spread traded 5,221 times.

* Chicago November soybeans rose on dry US Midwest weather and positioning ahead of Monday's US government crop report.

* Paris Matif November rapeseed futures dipped and Malaysian October palm oil futures gained.