ICE Canadian canola futures closed mostly lower on Monday, weighed down by the Canadian dollar's move toward parity with the US currency and weaker soybean futures, traders said. Lack of farmer selling seen underpinning market; exporters buying despite rising dollar.
May canola ended down 80 cents at $379.90 per tonne; volume 6,621 contracts. July down 30 cents at $385.80; volume 5,073 lots. Back months end higher. May/July spread traded 3,932 times from $5.10 to $5.90, premium July. July/November spread traded 1,210 times from 30 cents to $4.40, premium November.
CBOT May soyabeans ended down 6 US cents at US $9.36 per bushel. CBOT May soyaoil rose 0.37 cent to 39.35 US cents per lb. The Canadian dollar was trading at $1.0030 to the US currency, or 99.70 US cents, at 1:11 pm CDT (1811 GMT), up from Thursday's finish at C$1.0084, or 99.17 US cents.
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