Canadian canola posts 1.5 percent weekly gain

ICE Canadian canola futures rose on Friday and recorded a 1.5 percent weekly gain, as investors continued to sit on the sidelines ahead of a crucial US plantings report next week. Total volume on Friday was about 10,400 contracts. Averaged about 12,100 contracts for the week, one of least active in 2011.
US Department of Agriculture reported sale of 1.25 million tonnes corn to an unknown, which boosted canola and soyabeans early. Local speculators seen as main canola buyers. May gained $1.90 at $581.30, on volume of 7,205 contracts. Has ended higher seven of last eight sessions. July rose $1.80 to $589.70 on volume of 2,326 contracts. May-July spread traded 1,944 times with the July premium ranging from $8.30 to $8.60.