ICE canola futures rise on technicals, worried farmers

WINNIPEG, Manitoba, June 12 (Reuters) - November ICE canola futures jumped over two percent on Thursday as worried farmers backed away from making forward sales.

• July canola RSN5 settled up $9.50 at $723.80 per metric ton. November RSX5, the first month that represents the crop being grown now, rose $14.30 to $708.20.

• November volume was heavy, with Thursday's 49,003 contracts traded almost doubling Wednesday's volume, and saw a bigger surge that July volume, which also jumped.

• Dry soil across western Canada is becoming a preoccupation for farmers, causing them to hold back from making new-crop sales. "The farmer is waiting to make a crop, and until that he is not making any commitments," said Tony Tryhuk of RBC Dominion Securities.

• Traders said technical triggers were pulled as canola rose, piling on the upward pressure.

• Chicago Board of Trade soyoil futures BOv1 fell 0.85% as worries about biofuels demand spooked traders. The U.S. EPA is set to announce new biofuel blending rules that are likely to include lower biomass-based diesel mandate than industry groups lobbied for, sources told Reuters.

• Euronext August rapeseed futures COMQ5 fell 0.21%.

• Malaysian palm oil futures FCPOc3 were flat on Thursday. POI/

• The Canadian dollar CAD= hit an eight-month high on speculation the U.S. Federal Reserve will resume cutting interest rates soon. CAD/