ICE Canadian canola futures pulled back on Thursday on profit-taking and spillover weakness from US grains, after notching its biggest monthly gain since mid-2010 in February. Stronger Canadian dollar and weaker crushing margins kept buying interest light.
Canola underpinned by news China may partially lift its ban on Canada canola imports. For nearby March canola, 14-day RSI of 82 suggests overbought conditions. Benchmark May fell $4.10 to $571.40 per tonne on volume of 13,870 contracts. Expiring spot month March canola gained 90 cents at $578.90 a tonne on volume of 293 contracts. No deliveries for Thursday. May-July spread traded 1,441 times, settling at a May premium of 10 cents. July-November spread settled at a July premium of $35.20, trading 1,185 times.
Chicago May soybeans rose 2-1/2 US cents to US $13.22-1/2 per bushel. May soyoil slipped 0.20 cent to 54.27 US cents per lb. MATIF May rapeseed gained 0.4 percent. EU Rapeseed - Weak crush margins may stall price climb. The Canadian dollar was trading at $0.9849 against the US dollar or US $1.0153 at 1:30 pm CST (1930 GMT), up from Wednesday's North American finish at $0.9895, or US $1.0106. US light crude oil rose 1.7 percent to $108.84 per barrel. US weekly soybean net export sales were larger than expectations.
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