ICE Canadian canola futures ended lower on Tuesday as the Canadian dollar pushed higher and dampened buying interest, traders said. Higher dollar weakens crush margins and makes exports less attractive, but market underpinned by talk of export business-traders. Stronger soya futures limited canola losses.
Trade in tight $4.10 range with cautious tone ahead of key Friday crop forecast report by Statistics Canada. November closed down 80 cents at $467.30 a tonne, on volume of 7,824. January down 60 cents at $471.20, volume 1,409. November-January spread traded 1,343 times, settling at $3.90 premium January.
CBOT September soyabeans end up 11-1/4 US cents at US $10.45-1/4 per bushel. September soyaoil up 0.14 US cent at 41.59 US cents per lb. The Canadian dollar trading at $1.0323 to the US dollar, or 96.87 US cents as of 1:12 pm CDT (1312 GMT), up from Monday's finish at $1.0446 to the US dollar, or 95.73 US cents. Canadian dollar got boost from rejected bid by BHP Billiton for Potash Corp of Saskatchewan. Light crude oil futures, linked to canola through their use in biofuels, up 82 US cents at US $76.06 per barrel.
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