ICE Canadian canola futures rose on Friday, posting their third straight weekly gain and racking up the biggest daily volume for the contract in years. Statistics Canada reported a slightly smaller canola supply at December 31 than a year ago, but the estimate drew little market reaction. Nearby March posted weekly gain of 0.2 percent.
Large volume of about 37,200 contracts was partly due to strong inter-month spread trading among commercials, including in deferred months - trader. Stronger Canadian dollar and commercial hedges capped gains. March canola gained $2.80 to $525.50 a tonne on volume of 15,655 contracts. May rose $2.00 at $529.40 on volume of 13,432 contracts. March-May spread traded 9,520 times, settling at a May premium of $3.90. Chicago March soyabeans gained 15-1/2 US cents to US $12.32-1/2 per bushel. March soyaoil gained 0.46 cent to 51.65 US cents per lb. MATIF May rapeseed gained 0.3 percent.
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