ICE Canada canola futures rose on Wednesday, bouncing off the previous day's contract low on spillover support from higher US grain and soy markets. November canola dropped to a contract low in the previous session but pared its losses before the close, and that momentum likely spurred some short covering on Wednesday, a trader said.
Warm weather has improved growing conditions for Western Canada's canola, much of which has struggled in excessively wet conditions, but the extent of the earlier damage is unknown. November canola gained $4.60 to $438 per tonne in thin trading, halting a three-day slide. Chicago Board of Trade November soybeans added 18-3/4 US cents at US $10.76-1/2 per bushel. Malaysian October palm oil gave up 1.1 percent.
