ICE Canadian canola futures gained on Monday in choppy, high-volume trading, snapping a three-day losing streak, traders said. Total volume of about 31,400 contracts was largest since February 23. Heavy volume a combination of some export business, due to recent weakness in the Canadian dollar, and some short-covering ahead of key reports -trader.
US Department of Agriculture reports on crop stocks on Friday and statistics Canada estimates crop production on October 4. November canola futures gained 70 cents at $531.20 per tonne on volume of 20,412 contracts. January canola added $1.20 at $541.50 on volume of 6,719 contracts. November-January spread traded 5,854 times, settling at a January premium of $10.30.
Chicago November October soyoil lost 0.18 cent to 52.22 US cents per lb. MATIF November rapeseed slipped 0.2 percent. The Canadian dollar was trading at $1.0338 or 97.73 US cents by 1:15 pm CDT (1815 GMT), up from Friday's North American session at $1.0294 to the US dollar, or 97.14 US cents. US crude oil settled up 0.5 percent at US $80.24 per barrel.
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