ICE canola futures rise on hopes of US soybeans, canola sales

WINNIPEG, Manitoba, Oct 29 (Reuters) - ICE canola futures rose with a jump in volume on Wednesday as reports of Chinese purchases of U.S. soybeans ignited hopes the glutted North American vegoils situation would begin to improve.

• January canola RSF6 settled up $2.50 at $641.30 per metric ton. Wednesday saw volume break higher from the doldrums it has recently experienced, with directionless trade offering little inspiration to traders before the China news on U.S. soybeans lit a fire under the market.

• Reuters reported that three cargoes of U.S. soybeans have been purchased by China's state-owned COFCO, breaking the de facto Chinese boycott of U.S. soybeans that has seen no 2025-harvested crop bought by the world's largest importer until now.

• U.S. President Donald Trump and Chinese President Xi Jinping are set to meet on Thursday, with many across commodity and equity markets hoping to see at least a partial resolution to U.S.-China trade conflict.

• Canadian Prime Minister Mark Carney is also expected to meet with Xi, raising hopes among some traders that an end to China's effective boycott of Canadian canola will come soon. Canada's agriculture minister is in China meeting with agriculture officials this week.

• Chicago Board of Trade soybean futures Sv1 stayed near 15-month highs reached Tuesday and soyoil futures BOv1 fell 0.2%. For greater gains from China, traders would need to see more than a purchase of three shipments. GRA/

• Euronext August rapeseed futures COMG5 rose 0.26%.

• Malaysian palm oil futures FCPOc3 fell 1.51% on weakness in Asian markets and relative weakness in Chicago soyoil. POI/

• The Canadian dollar CAD= rose against the greenback while crude oil CLc1 rose. CAD/