ICE Canadian canola futures ended sharply higher on Monday with support from strong technicals and exporter interest, traders said. Wet, cooler weekend weather in parts of Canadian Prairies also spurred some short-covering - trader. Canola up despite negative influence from usually trend-setting Chicago soyabean and soyaoil futures. CBOT wheat and corn also down.
November closed up $5.70 at $468.10 a tonne, on volume of 11,655. Funds seen buying about 1,000 contracts. January up $6.40 at $471.80, volume 1,116. November-January spread traded 773 times, settling at $3.70, premium January. CBOT September soyabeans end down 9-1/2 US cents at US $10.34 per bushel. September soyaoil down 1.07 US cent at 41.45 US cents per lb.
The Canadian dollar trading at $1.0436 to the US dollar, or 95.82 US cents, as of 1:25 pm CDT (1325 GMT), down from Friday's finish at $1.0415, or 96.02 US cents. Light crude oil futures, linked to canola through their use in biofuels, down 24 US cents at US $75.15 per barrel. Coming up: Statistics Canada crop production forecast on August 20.
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