ICE Canadian canola futures rose on Friday due to short-covering of nearby supplies, but they finished with a big weekly loss. July-November inter-month spread was the key trading feature, trading 3,944 times and touching a July premium as high as $14.90, the highest in two months.
Lack of farmer selling seen leading to short-covering of nearby contract, and propped up deferred months. Nearby July notched 0.2 percent weekly loss. Most-active November, representing the new crop, posted 2.9 percent weekly loss, its biggest in eight weeks.
July rose $9.40, or 1.7 percent, to $579.80 per tonne on volume of 5,170 contracts. Most-active November gained $2.50, or 0.4 percent, at $565.90 on volume of 10,201. Chicago July soybeans rose 2-1/2 US cents to US $13.20-1/4 per bushel, but deferred months eased. July soyoil up 0.07 cent to 55.22 US cents per lb.
Canadian dollar was trading at $0.9875 to the US dollar, or US $1.0127 at 1:16 pm CDT (1816 GMT), down from Thursday's close at $0.9780 to the US dollar, or US $1.0225. NYMEX crude oil futures settled up 14 US cents at US $91.16 per barrel. Canada weekly canola crushings up 12.8 percent. Global markets rise on Greece deal. Exporters sell 120,000 tonnes US soybeans to China 2011/12.
Comments
Comments are closed.