ICE Canada canola futures inched higher on Wednesday, driven mainly by spread-related trading. Benchmark November canola futures settled up 40 cents at $454.00 per tonne, holding above the 100-day moving average.
The November-January canola spread traded 6,921 times, closing at an $8.40 January premium. The January-March spread traded 2,820 times.
One industry source said much of the day's activity was related to traders trying to exit November canola positions before liquidity dried up.
Chicago Board of Trade November soyabeans settled 3/4 of a US cent lower at US$9.33-3/4 a bushel, ending nearly unchanged as rising supplies from an accelerating US harvest overshadowed optimism that China, the world's top soy importer, would ramp up US purchases, traders said.
The Canadian dollar rose against the greenback, approaching a three-month high it notched the previous day, as investors expected further divergence in the interest rate policies of the Bank of Canada and the Federal Reserve.
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