ICE Canada canola futures jumped to a two-week high on Monday, lifted by concerns about dry areas of the US Midwest. The US dryness concerns boosted prices of soybeans and support for the rival oilseed spilled over to canola, a trader said. Traders seen adjusting positions ahead of Wednesday's US Department of Agriculture (USDA) report. USDA is expected to cut its average soybean yield estimate.
November canola rose $5.20 to $511.40 per tonne. January canola added $6 to $510.30 per tonne. November-January spread traded 3,052 times.
Chicago September soybeans also drew support from good export demand. Malaysian October palm oil dipped and NYSE Liffe Paris November rapeseed rose.
The Canadian dollar was trading at $1.3030, or 76.75 US cents at 12:54 pm CDT (1754 GMT), higher than the Bank of Canada's official close on Friday of $1.3133, or 76.14 US cents.
Comments
Comments are closed.