ICE Canadian canola futures rose on Wednesday for the third straight session, lifted by short-covering ahead of a US government crop report due on Thursday. Statistics Canada estimated canola plantings of 20 million acres, in line with trade expectations. The report had little market impact, a trader said.
Most-active November canola gained $2.80 at $488.40 per tonne. July-November canola spread traded 2,772 times. July delivery period starts next week. Chicago November soybeans dropped on position-squaring ahead of Thursday's US Department of Agriculture report. NYSE Liffe August rapeseed and September Malaysian palm oil slipped. The Canadian dollar was trading at $1.2991 to the US dollar, or 76.98 US cents at 12:59 pm CDT (1759 GMT), higher than Tuesday's settlement at $1.3035 to the greenback, or 76.72 US cents.