WINNIPEG: ICE Canada canola futures rose for the eighth straight day on Thursday for the benchmark May contract on gains in U.S soybeans and short-covering, traders said.
The market remained technically strong after breaking through key moving averages during the string of positive closes.
A trader estimated that commodity funds covered between 4,000 and 5,000 short positions during Thursday's session.
Slow movement of crops due to logistical problems on the railroads added to the firm tone hanging over the canola market.
The May canola contract rose $5.50 to $457.20 per tonne on volume of 10,189.
May-July spread held steady at a July premium of $9.60, trading about 3,369 times. July-November, which traded 3,635 times, widened by 20 cents to $16.80, premium November.
Chicago May soybeans rose 17-1/2 U.S. cents to close at US$14.38 per bushel.
NYSE Liffe Paris May rapeseed rose 1.66 percent.
Malaysian May palm oil gained 1.18 percent. The front-month contract hit an 18-month high.
The Canadian dollar rose to a two-week high against the U.S. greenback on Thursday, supported by sturdy building permits data in January.
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