ICE Canada canola futures rose on Thursday, snapping a five-day losing streak, on spillover support from stronger than expected US soybean export sales, traders said. Firm cash markets gave canola additional support, they said. Commodity funds seen starting to roll January positions forward. March contract open interest likely to exceed January's level by Friday - trader.

January canola gained $3.70 to $590.20 on volume of 10,469 contracts. Rebounded after touching $585.50, the lowest nearby price since December 4. March canola rose $3.70 to $587.00 on volume of 6,468 contracts. January-March spread settled at a January premium of $3.20, trading 6,033 times. Chicago Board of Trade January soybeans gained 3 US cents to US $14.76-1/2 per bushel on better than expected export sales.

Copyright Reuters, 2012