Canada canola futures rose to a fresh five-month high on Thursday with spillover support from stronger soybeans and crude oil. Traders adjusted positions ahead of Friday's US government crop report. Canada canola seen as overbought and prone to correction unless report has bullish news. Total volume was a light 12,900 contracts.
Stronger Canadian dollar weakened crush margins, held gains in check - trader. Nearby months gained most due to tight old-crop supplies. Benchmark May canola added $3.00 to $580.60 per tonne on volume of 7,025 contracts. Touched $582.00, highest price for the contract since September 21.
July canola rose $2.60 to $581.20 per tonne on volume of 2,000 contracts. May-July spread traded 913 times, settling at a July premium of 60 cents. July-November spread settled at a July premium of $39.70, trading 1,095 times. Chicago May soybeans gained 11-3/4 US cents to US $13.38-1/2 per bushel, on strength from a weak US dollar and strong exports. May soyoil rose 0.41 cent to 53.39 US cents per lb. The Canadian dollar was trading at $0.9912 against the US dollar, or US $1.0089, at 1:13 pm CST (1913 GMT), up from Wednesday's North American session close at $0.9982 versus the US dollar, or US $1.0018.
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