ICE Canadian canola futures gained for the fifth straight session to a roughly one-month high on Thursday, boosted by technical buying and cold weather in the Canadian Prairies, traders said. Cold temperatures and relatively dry conditions could affect the start of the planting season, bolstering prices. China's announcement on Wednesday of tariffs on imports of US soyabeans could also prompt some buyers to buy canola instead.
May canola was up 60 cents at $529.00 per tonne and July canola up 30 cents to $534.20. New-crop November canola was down $2.30 to $519.50 a tonne. The May-July canola spread traded 3,695 times. Chicago Board of Trade soyabean futures were up on bargain buying after steep losses on Wednesday.