WINNIPEG, (Manitoba): ICE canola futures rose to a two-week high on Monday, lifted by short-covering. Canola showed independent strength of vegetable oil competitors soybean oil and soybeans, which declined. On Friday, canola prices soared on spread trades by crushers against soyoil and canola.
Most-active March canola gained $8.30 to settle at $850 per tonne. Traders are also digesting last week’s Statistics Canada surprise reduction to Canada’s canola harvest.
January-March canola spread, the most active inter-month spread, traded 4,561 times.
US soybean futures dipped, pressured by a weaker grains complex despite export optimism as analysts eye changes to China’s Covid-19 quarantine process.
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