ICE Canadian canola futures rose on Thursday, boosted by the US Department of Agriculture's cut to estimated US soybean production, but their gains lagged those of the oilseed rival. US soybean production was pegged at 4.307 billion bushels, down from the government's previous estimate of 4.361 billion bushels.
Canola lagged soybeans' gains due to a lack of buying interest and a stronger Canadian dollar, a trader said. March canola gained $4.20 at $502.30 per tonne. May canola added $4.40 to $509.20 per tonne. March-May canola spreads traded 3,199 times. Chicago March soybeans climbed on support from the USDA report. NYSE Liffe February rapeseed edged higher and Malaysian March crude palm oil slipped.