ICE Canadian canola futures rose on Thursday, as modest short-covering by funds and buying by local speculators lifted the market in thin trading activity. Chicago wheat and corn, which settled up more than 3 percent, led canola and soy futures higher. Canola underpinned by four export cargoes in past week and stronger MATIF rapeseed futures-trader.
Canola open interest as of Wednesday was 181,903 contracts, up slightly from Tuesday which was smallest since October 12, 2010. Total volume averaging about 12,500 contracts this week, on pace for one of the lightest volume weeks this year. May gained $6.40 at $579.40, on volume of 10,183 contracts. Has risen six of last seven sessions. July rose $6.60 to $587.90 on volume of 2,340 contracts. May-July spread traded 2,186 times with the July premium ranging from $8.00 to $8.60.
Traders wary of going short into March 31 US plantings report. Farmer selling seen light, keeping commercial hedge pressure modest. Chicago May soyabean futures ended up 3-1/4 US cents to US$13.54-1/2 per bushel, lifted by wheat and corn. May soyaoil up 0.64 cent to 56.12 US cents per lb. Nearby NYMEX crude oil futures settled down 15 US cents at US$105.60 per barrel.
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