ICE Canadian canola futures rose for a second straight day on Friday, buoyed by steady selling and short-covering. There was steady hedging in deferred canola which put pressure on all of the spreads, a trader said, adding there was some short-covering in the front end as soyabean prices rose. There was also a little bit of commercial buying. March canola jumped $5.00 to $481.00 per tonne.
March-May canola spread traded 3,015 times. Euronext February rapeseed futures rose while Malaysian March palm oil futures fell. US corn futures jumped about 3.5% on Friday, more than recovering from a 3% drop a day earlier, thanks to a mix of short-covering and expectations of increased export demand for US supplies, while wheat and soyabeans followed the firm trend.
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