ICE Canadian canola futures climbed on Monday to a nearly two-week high, supported by firm soybean prices and a weaker Canadian dollar that attracted exporter buying, traders said. Farmer selling backed off modestly, keeping commercial hedges light - trader. Front month March traded in tight $5 range, with inter-month spreading a key feature.
March canola gained $4.10 to $529.60 a tonne on volume of 11,906 contracts. Touched $530.60, highest price for the nearby contract since January 24. May rose $3.70 to $533.10 on volume of 8,459 contracts. March-May spread traded 6,778 times, settling at a May premium of $3.50.
Chicago March soybeans added 1/2 US cent to US $12.33 per bushel. March soyoil gained 0.51 cent to 52.16 US cents per lb. MATIF May rapeseed gained 0.4 percent. The Canadian dollar was trading at $0.9961 against the US dollar or US $1.0038 at 1:14 pm CST (1914 GMT), down from Friday's close at $0.9936 versus the US dollar, or US $1.0064.