Winnipeg Commodity Exchange canola futures ended mainly higher on Thursday, finding support from small speculative buying after tracking gains in US soya futures for most of the day, traders said. "We came off when the beans came off," a trader said.
Canola settled $1.30 per tonne higher to 10 cents lower, with July up $1.30 at $368.60, November up 90 cents at $385.80 and January up 50 cents at $394.40. At the Chicago Board of Trade, July soyabeans ended 3/4 US cent per bushel lower at US $7.47-3/4, with July soyaoil up 0.04 US cent per lb at 33.63 US cents.
Crushers and exporters made some small, routine purchases, traders said, and scale-up farmer hedges were also noted. Funds were sidelined on Thursday. Planting is underway in southern parts of Alberta and Saskatchewan, and in most of Manitoba, the Canola Council of Canada said in a crop report.
The rest of the Prairie regions needs several days to more than a week of drying weather before seeding can begin, the council said, while eastern Manitoba and south-eastern Saskatchewan need rain.
An estimated 959 July/November spread traded from $16.70 to $17.80 with 127 November/January from $8.70 to $9.40, 103 November/May from $20.50 to $21.20 and 287 July 2008/November 2008 at $9.
Volume was estimated at 6,805 contracts, down from 8,830 on Wednesday. In canola options, 500 July $370 calls traded at $10, a volatility of under 18 percent.
Barley futures were higher, with most of the trade concentrated in new-crop contracts as farmers begin to price the crop they are currently planting, traders said. "The further-out (contracts) on the board are now starting to entertain some producers," a trader said.
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