ICE Canadian canola futures firmed on Thursday, supported by a weak Canadian dollar as well as improving crush margins that boosted demand at processors, traders said. Some farmer selling at the market peak pulled prices from session highs.
November canola settled up $1.80 cents at $495.20 per tonne. Technical resistance was noted at the contract's 200-day moving average. January canola ended up $1.00 at $500.70 per tonne. Active spread trading was noted, with the November/January trading 7,935 times and the November/March 850 times.
Chicago Board of Trade November soyabeans gained 10 US cents to US$9.68-1/4 per bushel, with gains in soyameal and harvest delays underpinning values. NYSE MATIF November rapeseed rose 0.68 percent and Malaysian December palm oil futures rose 0.18 percent. The Canadian dollar weakened to a five-week low against its US counterpart on Thursday after domestic data showing a drop in exports for the third straight month further weakened prospects of another interest rate hike this year from the Bank of Canada.