ICE Canadian canola closed higher on Friday in sympathy with US soyabeans to finish a strong week in which near-month May futures gained 4 percent. Trading was light compared to the pace set this week, as crushers slowed their buying and farmers reduced selling, traders said.
May canola closed $1.50 higher at $420.80 per tonne on volume of 4,021, less than half of Thursdays May trade; July was up $2.80 to $423.10 on 5,519 contracts; November canola rose $2.70 to $426.70 on volume of 465. Volumes picked up near the end of trading, with some speculator buying based on the strength of soyabeans, traders said.
The May/July spread traded 1,349 times ranging from 10 cents under to $3 under as prices move to reflect the cost of storing canola for future delivery. There were 237 July-November trades, ranging from $2.30 under to $4 under. Chicago Board of Trade May soyabeans rose 11-1/2 US cents to US $9.52 a bushel at close with support from exports to China.
The Canadian dollar edged down slightly, trading at $1.2398 to $1.2403 to the US dollar, or about 80.65 US cents, at 1341 CST (1941 GMT), declining from Thursdays close of C$1.2377 to the US dollar, or 80.80 US cents. Crude oil trading was flat, easing down 6 US cents to US $51.55 per barrel.
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