Winnipeg Commodity Exchange canola futures ended higher on Thursday amid gains in US soy markets and crusher buying, traders said. Canola ended $1.90 to $6.10 per tonne higher, with July up $2.40 at $380.90 and November up $2.80 at $400.20.
"Basically we followed the American market to a T," a trader said. CBOT July soybean oil futures settled 0.29 US cent per lb higher at 35.16 US cents and July soybeans were up 1-3/4 US cents per bushel at US $8.27-1/2. The US markets were led higher by another blistering rally in CBOT wheat, which hit fresh 11-year highs. Traders said there were 1,764 July/November spreads in canola, trading from $19 to $20.50.
The canola crop looks good, but traders were wary of being on the wrong side of US weather market which has been helping to fuel gains in CBOT corn and soy futures.
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