Canola futures on the Winnipeg Commodity Exchange made gains on Thursday after US soyaoil futures got a lift from the crude oil market, traders said. Canola settled $1.10 to $4.70 per tonne higher, with July up $4.70 at $375.30 and November up $3.80 at $395.60.
Position evening was a feature ahead of Friday's plantings and stocks report from the US Agriculture Department, which analysts expect to show larger soya acreage than the USDA's March report.
US crude oil futures rose above US $70 per barrel for the first time in 10 months on a sharp drop in gasoline stocks, helping boost soyabean oil futures. July soyabean oil ended 0.61 US cent higher at 35.57 US cents per lb and July soyabeans were up 6-1/4 US cents per bushel at US $8.09-3/4.
Speculative short covering, crusher buying and only light farmer selling helped support canola futures, traders said. An estimated 955 July/November spreads traded from $20.70 to $21.50, with 156 November/January from $8.30 to $8.80, 196 November/November from $19.60 to $21 and 182 January/July at $19.
Canola volume was an estimated 8,515 contracts, down from a total of 10,064 on Wednesday. Old-crop barley futures were pressured by liquidation ahead of first notice day for delivery against July contracts, while end-user demand supported new-crop futures, a trader said.
July barley settled $1 lower at $197 per tonne, with October up $1.90 at $168 and December up $2 at $172. Barley futures have stayed relatively firm in the face of continued losses in corn futures on the Chicago Board of Trade because of projections of strong export demand after the Canadian Wheat Board loses its monopoly on August 1.
Barley volume was an estimated 669 contracts, up from 436 on Wednesday. Feed wheat futures were mainly lower amid last-minute commercial position-rolling, with July down $2.10 at $165.90 per tonne, October down 50 cents at $169.90 and December up 60 cents at $173.90.
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