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WINNIPEG, Feb 15 (Reuters) - Winnipeg Commodity Exchange canola futures closed higher on Wednesday, rallying on the strength of Chicago Board of Trade soybeans, traders said.
Commercial and exporter buying on price dips early in the session was noted to have prevented canola values from dropping significantly.
Canola futures closed $1.60 to $2.50 per tonne higher, with March up $2.00 at $244.10. May ended up $2.30 at $251.30 and July settled up $2.50 at $259.10.
CBOT soybean futures ended higher on late fund buying with March closing up 3-3/4 U.S. cents at US$5.87 per bushel. CBOT soyoil followed the soybeans up and March soyoil ended 0.23 U.S. cent higher at 22.27 U.S. cents per lb.
"On the rallies we saw line companies and producers coming in and pricing," one canola trader said.
The weakening Canadian dollar relative to the U.S. currency was also supportive.
Spreading was the session's feature, with traders noting commodity funds rolled their positions. An estimated 3,904 March/May spreads traded at a carry of $6.50 to $7.40, 263 March/July spreads traded between $14.00 and $15.50, and 599 May/July traded between $7.60 and $8.20.
Canola volume was estimated by the exchange at 12,656 contracts, up from 9,213 on Tuesday.
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