WINNIPEG: ICE Canada canola futures climbed on Monday as spillover support from buoyant US grains and crude oil attracted fund buying to canola and pushed the market to an eight-week high, traders said.
* Technical-following funds seen buying about 3,000 canola contracts, adding to net long position.
* Reports of disappointing canola yields in some areas adding support, but harvest pressure likely to cap upside this week - traders.
* November canola futures rose $12.20 or 2.2 percent at $579.70 per tonne on volume of 13,190 contracts. Touched $582.80, highest nearby price since June 30.
* January canola added $12.10 at $588.10 on volume of 2,427 contracts.
* November-January spread traded 2,141 times, settling at a January premium of $8.40.
* Chicago September soybeans gained 23-1/4 US cents or 1.6 percent to US$14.38 per bushel on crop worries in the US Midwest. September soyoil added 1.40 cent to 58.00 US cents per lb.
* MATIF November rapeseed settled up 2.2 percent.
* The Canadian dollar was trading at 0.9786 or US$1.0219 at 1:18 p.m. CDT (1818 GMT), up from Friday's North American close of $0.9830 to the US dollar, or US$1.0173. Gained on US stimulus hopes.
* NYMEX crude oil settled up 2.2 percent at US$87.27 per barrel on the equities rally, relief after Irene.
Copyright Reuters, 2011
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