Canadian canola futures were higher on Wednesday, supported by gains in the US soya complex and record-high crude oil prices, traders said. ICE canola futures ended $8.90 to $10.10 per tonne higher, with July up $8.90 at $601.70 and November up $10.10 at $620.20.
Trade was thin and routine, with crushers seen as the best buyers on improving crush margins, traders said. Canola volume was estimated at 5,033 contracts, down from 5,307 on Tuesday. Most of the volume traded through 1,229 July/November spread from $17.60 to $18.40.
"If you take off the spread, we had less than 2,500 flat-price (contracts) trade in the 17 hours we were open," a trader said, noting participants were "gun shy" because of recent market volatility.
There was little prospect for improved volumes in the short term until funds roll forward positions at the end of the month, unless crop problems emerge or Canadian exporters report new sales, traders said. At the Chicago Board of Trade, July soyabean futures ended 32 US cents per bushel higher at US $13.09 and July soyabean oil was up 1.32 US cents per pound to 59.16 US cents.
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