Canola futures on the Winnipeg Commodity Exchange were higher on Monday, fuelled by gains in the allied Chicago Board of Trade soya complex, where fund buying pushed soyaoil to new contract highs, traders said.
Canola ended $1.80 to $3.30 per tonne higher, with May up $3.30 at $359.30, July up $2 at $368.80 and November up $3.10 at $386.10. July soyaoil ended 0.32 US cent per lb higher at 33.77 US cents while July soyabeans were up 4-1/2 US cents per bushel at US $7.43.
Technical buying was the feature in canola, with funds moderate to heavy buyers, traders said. Farmers were scale-up sellers into the rally, traders said. Export buying was small and routine in nature. Some traders said European short covering continued to provide support.
Japanese markets were quiet because of the Golden Week holiday, and European markets were also quiet because of the May Day holiday on Tuesday. Crushers were seen buying the market, despite gains in the Canadian dollar, which was at C$1.1087, or 90.20 US cents, on Monday afternoon.
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