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Canadian canola futures higher

ICE Canadian canola futures ended higher Thursday on chart-driven buying and spillover strength from allied US soyaoil markets, traders said. Fund buying picked up after May canola broke through chart resistance at its 100-day moving average near $457.30 a tonne, they said. May canola settled up $5 at $459.00 per tonne on volume of 5,061 contracts. July canola ended up $5 at $469.00 per tonne on volume of 5,944 contracts. Chicago Board of Trade May soyaoil settled up 0.82 US cent, or 2.0 percent, at 41.67 cents per lb, after a US Senate panel on Thursday approved a tax package that includes a two-year extension of the US biodiesel tax credit. NYSE Liffe Paris May rapeseed settled up 0.3 percent at 411.00 euros per tonne. Malaysian June palm oil was down 0.53 percent. The Canadian dollar was nearly unchanged. As of 2:29 pm CDT (1929 GMT), it was trading at $1.1031 to the greenback, or 90.65 US cents, compared with Wednesday's close of $1.1029, or 90.67 US cents.

Copyright Reuters, 2014