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Canadian canola futures rebounded on Monday off last week's lows as US soya futures rallied their daily limit and farmer selling remained modest, traders said. ICE canola futures settled $25.80 to $41.10 per tonne higher, with May up $36.60 at $613.50, July up $37 at $627.10 and November up $36.90 at $623.40.
Canola futures had hit 10-week lows of $552.80 on Thursday in the benchmark May contract, down 28 percent from the record high of $769.90 seen three weeks ago. Some traders said they suspected exporters were taking coverage in case China resumes buying oilseeds, but others said the export market was quiet. Crushers were early buyers on improved margins. "Overseas, (vegetable) oil is still in demand," a trader said.
Some traders said funds were modest sellers, while others said funds were sidelined on Monday. At the Chicago Board of Trade, May soyabeans were up 50 US cents per bushel at US $12.57 and soyabean oil also traded higher. Most volume traded through spreads, with 4,114 May/July canola trading from $12.60 to $13.60, 3,149 July/November from even money to $7.50, premium July, and 232 May/November from $6.10 to $13.30.

Copyright Reuters, 2008

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