ICE Canadian canola futures rose on Thursday, lifted by short-covering and tightening supplies. The short-covering was timed ahead of Friday's US Department of Agriculture (USDA) crop supply and demand report, while Canadian farmers are seen storing canola in anticipation of rising prices.

"There's an attitude that supplies are going to tighten up going into spring and growers are definitely getting more bullish," a trader said. Most-active March canola gained $2.50 to $483.20 per tonne. March-May canola spread traded 5,484 times.

Chicago Board of Trade soyabean futures fell as investors squared positions ahead of Friday's USDA report and as favorable weather boosted South American crops. Euronext February rapeseed futures and Malaysian March palm oil futures finished higher.