ICE Canadian canola futures rose on Wednesday, touching a nine-day high amid tightening cash supplies and steady outside markets, traders said. Thin volume expected after robust spread trading a day earlier whittled down open interest in November ahead of expiry. Farmer selling seen as slow, firming up cash prices. Stronger Canadian dollar seen capping gains.
November canola futures added $1.30 to $530.90 per tonne on volume of just 44 contracts at 8:24 am CDT (1324 GMT). Touched $534.40, highest price for a nearby contract since October 17. Most-active January canola gained $1.50 at $535.50 on volume of 459 contracts. Traders see canola up $1 to $2 at Chicago Board of Trade open. CBOT soybeans called to open up 2 to 3 US cents per bushel. MATIF November rapeseed gained 0.5 percent at 8:19 am CDT (1319 GMT).