ICE Canadian canola futures dipped on Thursday as commercials hedged their purchases from farmers and mild pressure spilled over from weaker soybeans, traders said. Volume was a light total of 11,300 contracts, with trading stuck in a range. Saskatchewan canola harvest 31 percent complete.
Canada canola stocks expected to be down 40 percent at July 31, in Friday's Statistics Canada report. November canola shed $1.00 to $640 per tonne on volume of 7,144 contracts. January canola lost 90 cents to $643.80 on volume of 2,960 contracts. November-January spread widened to a January premium of $3.80, trading 2,242 times. Canadian dollar was trading at $0.9824 against the US dollar or US $1.0179 at 1:56 pm CDT (1856 GMT), up from Wednesday's close at $0.9909 versus the US dollar, or US $1.0092.
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