Canadian canola futures gained on Monday for the ninth time in the past 11 sessions, as crushers were active buyers due to attractive margins, traders said. Technical buying also seen with upward trend, while commercial hedges were modest. Total volume a thin 10,419 contracts, smallest in six weeks. November settled up $3.60 at $535 a tonne, on volume of 159 contracts.
Most-active January up $3.10 at $542.50, volume 7,421. March up $3.40 at $548.90, volume 1,927. November/January spread traded just 104 times, settling at $7.50 premium January. No deliveries on Monday of November contract. CBOT November soyabeans settled down 3/4 US cent at US $12.25-1/4 per bushel. Some back months up.
The Canadian dollar was trading at $1.0169 to the US dollar, or 98.34 US cents, as of 1:28 pm CDT (1828 GMT), up from $1.0202 to the US dollar, or 98.02 US cents at Friday's close. NYMEX crude oil futures, linked to canola through use in biofuels, were up US $1.55 at US $82.98 per barrel. Harvest 95 percent complete in Alberta.