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ICE canola sets one-month high on short-covering



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All figures in Canadian dollars unless noted

Oct 2 (Reuters) -ICE canola futures rose on Wednesday for a third straight session on fund-driven, short-covering and uncertainty about crop prospects in Australia, traders said.

  • November canola futures RSX4 settled up $7.10 at $617.90 per metric ton after reaching $619.80, the contract's highest since Aug. 30.

  • January canola RSF5 ended up $7.50 at $631.50 per ton.

  • Several analysts have lowered their projections of Australia's canola crop due to dry weather and frost.

  • Meanwhile, Canada's canola harvest was winding down, reducing a source of seasonal market pressure. Manitoba's canola harvest was 78% complete, the province's latest weekly crop progress report said. GRO/MBA

  • On the Chicago Board of Trade, soybean futures Sv1 settled down 1-1/4 U.S. cents, or 0.12%, at US$10.56 a bushel but CBOT December soyoil BOZ24 ended up 0.73 U.S. cent, or 1.70%, at 43.64 U.S. cents per pound. SOY/C

  • Malaysian palm oil FCPOc3 jumped by 4.74% on Wednesday while Euronext November rapeseed futures COMX4 fell 0.10%. POI/

  • The European Commission said it would propose delaying by a year the implementation of its policy to fight deforestation. The policy requires companies importing soy, coffee, palm oil and other products to prove their supply chains did not contribute to the destruction of the world's forests, or face hefty fines.




Reporting by Julie Ingwersen in Chicago; Editing by Mohammed Safi Shamsi

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