ICE Canadian canola futures rose on Thursday, lifted by climbing soya prices, while a higher Canadian dollar and commercial hedges capped gains, traders said. Crushers were noted buying after margins climbed in the past week. Deferred months showed strongest gains, amid early dryness concerns across Western Canada.
March canola rose $2.90 to $527.30 a tonne on volume of 10,727 contracts. May added $3.60 to $533.70 on volume of 7,537 contracts. March-May spread traded 5,381 times, settling at a May premium of $6.40. Chicago March soyabeans gained 9-1/4 US cents to US $12.22-3/4 per bushel, rising on a weaker US dollar and firmer cash markets. March soyaoil added 0.55 cent to 51.94 US cents per lb.
MATIF February rapeseed gained 1.9 percent. The Canadian dollar was trading at $1.0009 against the US dollar or 99.91 US cents at 1:15 pm CST (1915 GMT), up from Wednesday's close at $1.0035 to the US dollar, or 99.65 US cents. Data showed new US unemployment benefit claims rose last week.
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