ICE Canadian canola futures rose slightly on Wednesday, taking support from stronger Chicago soyabean prices to bounce off a five-week low. Canola lagged soyabeans' gains as the stronger Canadian dollar appeared to cool crusher buying interest and with farmers pricing crop through forward-delivery contracts - trader.
Soyabeans took strength from talk of US sales to China, and the USDA said Wednesday exporters sold 140,000 tonnes of US soyabeans to unknown destinations. November canola fell earlier to a five-week low of $596.60 per tonne, but settled above the psychologically important $600 level. Traders awaiting Friday's US Department of Agriculture monthly supply and demand report.
November canola gained 80 cents to $603.10 per tonne on volume of 10,371 contracts. January rose $1.50 to $607.50 per tonne on volume of 5,272 contracts. November-January spread widened to a January premium of $4.40, trading 4,185 times. Chicago Board of Trade November soyabeans gained 15-1/2 US cents or 1 percent at US $15.81-1/4 per bushel. Canola and soyabeans gained even as rain and cooler temperatures in US Midwest looked to offer relief for late-season soyabeans.