ICE Canadian canola futures closed higher on Monday as a weakening Canadian dollar prompted buying by domestic crushers, traders said. Strength in allied US soy markets added support. The Canadian dollar fell to a one-week low against the US dollar, weakened by soft commodity prices stemming from continued uncertainty about Greece's debt woes.
As of 2:06 pm CDT (1906 GMT), the Canadian unit was trading at $1.0199 to the US currency (98.05 US cents), down from Friday's close at $1.0164 (98.39 US cents). May canola ended $3.30 higher at $381.10 a tonne. May volume 5,847 contracts - ICE data. July up $3.20 at $386.50; volume 2,493 lots. November up $2.70 at $387.50; volume 2,106 lots. May/July spread traded 1,186 times at $4.80 to $5.70, premium July. July/November spread traded 1,788 times from even money to $2.40, premium November.
Dry conditions in the Canadian Prairies could promote early planting of the new canola crop - trader. CBOT May soybeans ended up 6-3/4 US cents at US $9.68-1/2 per bushel. CBOT soyaoil rose 0.42 cent at 39.72 US cents per lb, lifted by soybeans and an upturn in crude oil prices. Light crude oil futures were up 77 US cents at US $81.74 per barrel.
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