WINNIPEG: ICE Canadian canola futures rose on Wednesday for a second straight day, lifted by soyaoil strength and technical buying. Selling by Canadian farmers to cash buyers looks to be slow into the new year, keeping commercial hedge pressure light, a trader said.

Most-active January canola gained $5.30 to $545.80 per tonne. January-March canola spread traded 3,299 times. US soyabean futures rose, touching a one-week high as recent rains in South America do little to aid drought-stricken crops. Euronext February rapeseed futures and Malaysian January palm oil futures climbed.