ICE Canadian canola futures closed higher Tuesday as volumes thinned with no talk of new export business and farmers turning their attention to seeding. Benchmark July gained $1.40 to $449.90 on volume of 7,333; new-crop November rose $1.90 to $452 on 780 contracts.
Front-month May added $1.60 to settle at $455.10 on 75 contracts and January edged up 70 cents to $456.50 on 83 trades. The July-November spread traded 678 times between $1.10 and $2.60 under. Funds bought 500 net contracts.
Crushers continue to buy but line elevators did some hedge selling, traders said. Light volume of 8,273 is due to farmers waiting for a better price as they start planting, the lack of export business and speculators being wary of the rise of the Canadian dollar, traders said.