ICE Canada canola futures rose on Wednesday, extending a more than three-month high in tight-ranging trade a day ahead of the US Department of Agriculture monthly report. Modest technical buying seen after March burst through its 100-day moving average on Tuesday. Active inter-month spreading drove volumes.
March-May spread traded 5,576 times, settling at a May premium of $3.60. July-November also active, trading 4,401 times and finishing with a July premium of $22.90. March canola gained $1.70 to $534.20 a tonne on volume of 12,267 contracts. Touched $534.60, the highest price on a continuous chart for a nearby contract since October 27. May rose $1.60 at $537.80 on volume of 9,643 contracts.
Chicago March soyabeans lost 1/2 US cent to US $12.31-1/2 per bushel. March soyaoil added 0.41 cent to 52.58 US cents per lb. MATIF May rapeseed lost 0.2 percent. The Canadian dollar was trading at $0.9961 against the US dollar or US $1.0039 at 1:15 pm CST (1915 GMT), down from its finish on Tuesday at$0.9948 to the US dollar, or $1.0052. US crude oil futures added 0.3 percent to US $98.71 per barrel.
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