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ICE canola ends near day's high as soyoil, crude oil climb



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All figures in Canadian dollars unless noted

WINNIPEG, Manitoba, Oct 31 (Reuters) -ICE canola futures closed higher on Thursday, following as Chicago soyoil futures BOv1 surged about 3% and crude oil CLc1 advanced.

* Most-traded ICE January canola futures RSF5 settled up $10.20 per metric ton at $650.40.

* November 2024 futures RSX4 ended up $11.30 at $635.70on first notice day for delivery.

* January canola values opened at around $640 and quickly rose to trade in a range of $647 and $652 for most of the day. In the last hour of trading prices fell to $645 before rebounding to end near the session high.

* The rebound came after a technical sell-off on Wednesday, triggered when the contract failed to break above resistance at $656, traders said. The January contract is finding support at $636.

* Canola drew support as Chicago Board of Trade December soyoil BOZ24 touched a three-month high and settled up 1.33 U.S. cents, or 3%, at 45.14 U.S. cents per pound. "It certainly wasn't independent," a trader said of canola's strength. With Malaysian palm futures not trading due to a holiday, "today was soyoil's chance to shine."

* The need for Canadian farmers to sell to raise cash to cover fall bills is winding down, with most crops now in store and nearby cash demands satisfied for many.




Reporting by Ed White; Editing by Shailesh Kuber

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