Canadian canola futures rallied 2 percent on Thursday, their biggest gain in nearly three months, as the market's recent decline to a three-week low boosted demand from crushers, traders said. Firm soyoil prices also boosted the profit margins at crushers and contributed to the bullish tone hanging over the market. Traders noted some short covering and technical buying after canola futures rose early.
January canola gained $9 to close at $490 per tonne. Prices peaked at $491.90, the highest since November 15. The 2 percent gain was the best for the front-month contract since it rose 4.3 percent on August 26. March canola rose $9 to $499.40. Total volume topped 27,500 contracts, well above Wednesday's volume of close to 15,000 contracts. January-March spread settled unchanged at a March premium of $9.40, trading 5,030 times.
Chicago January soybeans rose 18-3/4 US cents to US $12.91-1/2 per bushel. NYSE Liffe Paris February rapeseed gained 1.4 percent. December Malaysian palm oil added 2.75 percent. Canadian dollar was trading at $1.0527 versus the US dollar, or 94.96 US cents, at 12:58 pm CST (1858 GMT), down from Wednesday's close at $1.0447 versus the greenback, or 95.72 US cents.
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