Canadian canola futures rise

ICE Canadian canola futures rose on Tuesday for the first time in six sessions amid worries over hot, dry weather in South American soyabean-growing areas and supportive outside markets. Futures technically recovering after recent steep declines which outpaced the drop in many other commodities. Market also supported by bargain buying by crushers after futures on Monday posted their lowest close in 3-1/2 weeks.
Active spreading between March and May contracts was a feature, with that spread trading an estimated 4,000 times on Tuesday, traders said. Traders rolling March positions into the deferred contract. March canola futures gained $6.10, or 1.2 percent, to $521.10 a tonne on volume of 8,333 contracts. May added $5.00, or 1 percent, to $524.10 on volume of 5,045 contracts.