ICE Canadian canola futures settled higher on Thursday, halting a six-day slide as allied US soya markets surged on reduced crop estimates from the US government. However, benchmark November canola settled well below its session high, an indication that fundamentals and technical indicators remained bearish, one trader said.
November canola futures settled up $7.20 at $547.90 per tonne, after reaching a session high of $557.20. Volume was 9,203 contracts. January canola ended up $7.30 at $556.20 on volume of 2,760 contracts. CBOT November soyabeans settled up 30-1/4 US cents, or 2.3 percent, at US $13.31-3/4 per bushel after the US Department of Agriculture cut its estimate of the US 2011 soya yield to 41.4 bushels per acre, below the range of trade estimates.
MATIF November rapeseed rose more than 2 percent. The Canadian dollar firmed, trading at $0.9853 to the US dollar, or US $1.0149, at 2:25 pm CDT (1925 GMT), compared with Wednesday's North American session close at C$0.9948 to the US dollar, or $1.0052. NYMEX crude oil settled up 3.4 percent at US $85.72 per barrel.
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