ICE Canadian canola futures rose for a fourth straight session on Thursday and hit a fresh three-month high, propelled by technical buying and fund short-covering as recent rain and snow delayed harvesting, traders said. Benchmark November canola futures closed up $3.50 at $459.20 per tonne, the highest since June 25.
Chart-based buying gave the market an added lift. November's close above its September and August highs and its 100-day moving average a day earlier was seen as a technical buy signal on Thursday. The bulk of the day's trading volume involved spread trades. The November-January canola spread traded 8,891 times, closing at a $8.90 January premium, from $8.80 on Wednesday. The January-March spread traded 2,574 times and the March-May spread traded 1,220 times.