Canadian canola futures rallied on Wednesday with strength in Chicago soyabean oil futures and on commission house buying, traders said. But crush margins deteriorated with the gains in canola and the Canadian dollar, and export buying appeared to have backed off, leaving some traders puzzled about the market's strength.
Farmer selling has also backed away, traders said. ICE canola ended $7.90 to $10.90 per tonne higher, with March up $8.70 at $615.10, May up $8.60 at $628, July up $9.80 at $638.60 and November up $10 at $615.
Volume was dominated by fund and commercial position-rolling, traders said, with 3,694 March/May traded from $12.80 to $13, 1,232 May/July from $9.70 to $11, 950 March/November from 20 cents to $2.10, premium November, and 384 March/July from $23 to $23.70. At the Chicago Board of Trade, March soyabeans settled 7-1/2 US cents per bushel higher at US $13.28-1/2 and March soyaoil was up 0.60 US cents per pound at 56.26 US cents.
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