Canadian canola futures ended mostly lower on Monday, giving back earlier gains that included the highest nearby price since mid-2008. Speculator buying, triggered by stronger soyabean prices, pushed nearby May and July contracts to contract highs early. Farmer selling at country elevators led to commercial hedge pressure later, and profit-taking also weighed on late trading - trader.
May canola lost $1.70 to $620.80 per tonne on volume of 11,527 contracts. Touched high earlier of $630, the highest price on a nearby continuous chart since July 2008. July canola shed $1.80 to $618.10 per tonne on volume of 7,848 contracts. May-July spread traded 5,485 times, settling at a May premium of $2.70. July-November spread narrowed to a July premium of $40.10, trading 2,834 times. Chicago May soyabeans gained 18 US cents to US $14.21 per bushel, on follow-through buying from Friday's government estimate of lower-than-expected soyabean plantings this year. May soyaoil rose 1.06 cent to 56.16 US cents per lb.
MATIF May rapeseed added 1.2 percent. The Canadian dollar was trading at $0.9910 against the US dollar, or US $1.0091, at 1:16 pm CDT (1816 GMT), up slightly from Friday's close at $0.9975 versus the US dollar, or US $1.0025. US light crude oil gained 2.2 percent at $105.23 per barrel. Exporters sell 120,000 tonnes of US soyabeans to China.