ICE Canadian canola futures rose to a 28-month high on Thursday due to strength in US soyabean futures and talk of new export demand from China, traders said. The rally capped a week that saw prices rise 3.5 percent. January canola ended up $3.20 at $578.60, volume 7,252. The front-month contract peaked during the session at $580.10, its highest since $583.40 on August 22, 2008.
March up $3.10 at $586.50, volume 16,359. January/March spread traded 7,109 times between $7.30 and $8.60, premium March. Commodity funds continued to roll their long positions from the January contract to the March. CBOT January soyabeans rose 20-3/4 US cents to US $13.49-1/2 per bushel. January soyaoil was up 0.62 cent at 56.59 cents per lb. Canadian dollar was trading at $1.0093 to the US dollar or 99.08 US cents, up from its Wednesday finish at $1.0142 to the US dollar, or 98.60 US cents.