ICE Canadian canola futures gained on Thursday, lifted by a sharp rise in soyaoil prices and weakness in the Canadian dollar. Canola had become oversold, and much of the buying was short-covering, a trader said. Most-active March canola gained $3.80 to $483.20 per tonne. March-May canola spread traded 1,918 times. Chicago March soyabeans climbed on South American weather concerns and technical buying. February Paris Matif rapeseed futures eased and Malaysian April palm oil futures rose.
The Canadian dollar was trading at $1.3298 to the US dollar, or 75.20 US cents at 1:08 p.m. CST (1908 GMT).