Canadian canola futures ended higher on Thursday, buoyed by a retreat in the Canadian dollar and strength in allied US soya markets, traders said. Canola traders cautious ahead of Friday's US Department of Agriculture report on size of US crops. November closed up $3.50 at $473.30 a tonne, on volume of 11,869 contracts.
January up $4.20 at $482.60, volume 9,494. November-January spread traded 8,077 times between $8.80 and $9.30, premium January. CBOT November soyabeans ended up 3 US cents at US $10.65 per bushel. Soya influences canola because of common edible oil market.
The Canadian dollar was trading at $1.0176 to the US dollar, or 98.27 US cents as of 4:06 pm CDT (2106 GMT), down from Wednesday's finish at $1.0107 to the US dollar, or 98.94 US cents. November 2011 canola contract supported by crushers extending coverage - traders. Saskatchewan harvest progress doubles to 60 pct but still lags 5-year average of 85 percent. Grains and oilseeds bucked a weaker trend in energy markets. Light crude oil futures, linked to canola through their use in biofuels, down US $1.56 at US $81.67 per barrel.