ICE Canadian canola futures rose on Friday on weakness in the Canadian dollar, which made canola more attractive in global trade against other oilseeds. The Canadian dollar fell to its lowest level against the greenback in 5-1/2 years, as it was hit by a rally in the US dollar and another drop in oil prices. Some commercial hedges on canola were noted, but volume was light with many traders taking holidays.
ICE Futures Canada was closed on Thursday for the New Year's Day holiday. Most-active March canola rose $3.20 to $443 per tonne. The contract gained 1.6 percent for the week. ICE reported no deliveries of January canola. The contract expires on January 14. Canola gained ground despite weaker soybean prices. Chicago Board of Trade March soybeans shed 16 US cents to US $10.07-1/2 per bushel. Malaysian February palm oil rose 1.1 percent. NYSE Liffe Paris February rapeseed dipped 0.9 percent.
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