ICE Canadian canola futures closed higher on Thursday, setting a fresh five-month peak on tight cash markets and good export demand, traders said. Spot March canola settled $3.90 higher at $562.30 per tonne on volume of 10,508 contracts. The contract touched $562.80, the highest spot price since September 14, 2011.
Most-active May ended up $1.80 at $561.80 on volume of 17,810 contracts. Underscoring the firm cash markets, the March/May canola spread inverted, with nearby March closing at a premium to May. The spread traded 10,127 times at $2 under (premium May) to 90 cents over (premium March). CBOT soybeans hit a five-month high, supported by a weaker US dollar and worries about South American crop problems that may signal more export demand for US supplies.
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