ICE canola rebounds early in US catchup

WINNIPEG: ICE Canada canola futures rose Monday to catch up with gains in US soy markets on Friday when canola markets were closed for Canada Day.

* November recovered after dropping in thin early trading to $545.00, the contract's lowest price since May 6.

* ICE exchange trading was expected to be light on Monday with US markets closed for Independence Day. Total volume early of less than 1,800 contracts.

* November rose $3.60 or 0.7 percent at $556.20 on volume of 1,726 at 8:28 a.m. CDT (1328 GMT). Posted 7 percent monthly loss for June.

* July in delivery mode ahead of expiry July 14, did not trade early.

* Chicago July soybeans ended up 16 US cents or 1.2 percent at US$13.22-1/4 per bushel on Friday, rebounding from a selloff a day earlier. July soyoil gained 0.12 cent to 55.16 US cents per lb.

* MATIF November rapeseed was up 0.8 percent on Monday as of 8:24 a.m. CDT (1324 GMT)

* Canadian dollar was trading at $0.9599 to the US dollar, or US$1.0418, up from Thursday's close at $0.9645 to the US dollar, or US$1.0368.

* Coming up: Manitoba crop report on Monday afternoon.

Copyright Reuters, 2011