ICE Canadian canola futures rose on Thursday for the second straight day, lifted by modest buying by small speculators and crushers as well as by a lack of farmer selling into the cash system. Tight supplies and brisk demand have made some farmers bullish and they are holding onto their supplies - trader.
Canola rose despite spillover pressure from weaker soybeans, but soyoil futures turned firm in late trading. March canola gained $3.90 to $632.50 per tonne on volume of 6,016 contracts. Ended near the day's highs after trading at a loss earlier.
May canola added $2.40 to $617.60 per tonne on volume 8,935. March-May spread widened to a March premium of $14.90, trading 4,521 times. Chicago Board of Trade March soybeans dropped 5 US cents to US $14.18 per bushel. MATIF Paris May rapeseed gained 0.5 percent.
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