ICE Canadian canola futures firmed on Thursday, supported by a round of bargain buying and technical support after the market failed to take out recent lows during overnight trading, traders said. End users were bidding prices higher to try and entice some growers to sell supplies they had been holding in storage since the harvest, a trader said.
May canola futures ended $3.80 higher at $455.20 a tonne. The contract found support at the low end of its 20-day Bollinger range. July canola was up $3.60 at $462.80. Chicago May soyabeans finished 2 US cents higher at US$8.89-1/2 per bushel.
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