Canadian canola futures rise

WINNIPEG: ICE Canadian canola futures rose on Thursday, shrugging off weakness in rival soy and palm markets. Canola's gains have lagged those of soyabeans during the oilseed rally of recent weeks, and canola was playing catch-up, a broker said. He added that Canadian cash prices to farmers are currently higher than futures due to robust demand. Most-active March canola gained $4.80 to $656.80 per tonne.

March-May canola spread traded 6,427 times. US soybeans futures declined after concerns about dry weather in South America and export disruption in Argentina pushed prices to their highest in more than six years. Euronext February rapeseed futures and Malaysian March palm oil futures dipped.