ICE Canadian canola futures edged up to a fresh six-month high on Wednesday, supported by exporter buying and soyabean strength, traders said. May canola gained 90 cents to $587.70 per tonne on volume of 11,384 contracts. Touched $590.80, the highest price for the contract since September 12.
July canola added 30 cents to $587.90 per tonne on volume of 6,540 contracts. May-July spread traded 4,301 times, settling at a July premium of 20 cents. July-November spread settled at a July premium of $38.70, trading 1,496 times, amid tight old-crop supplies and forecasts for big acreage. Chicago May soyabeans added 1-1/2 US cents to US $13.50-1/4 per bushel on tightening supplies after drought in South America. May soyaoil eased 0.07 cent to 54.80 US cents per lb.
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