Canadian canola futures rise

ICE Canadian canola futures climbed on Tuesday for a second straight day, as optimism about export demand spurred short covering. Talk of cancelled shipments last week pressured prices, but thoughts that other buyers are stepping in with prices near multi-month lows lifted the market, a trader said. Limited farmer selling to the cash system was also noted as supporting prices.
May canola rose $7 to $495.70 per tonne. July canola gained $5.60 to $499.70 per tonne. May-July canola spread traded 5,053 times. Chicago Board of Trade May soybeans ended lower but stayed above Monday's five-month low. NYSE Liffe May rapeseed and June Malaysian palm oil rose.