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ICE canola gains on exporter buying, fewer hedges

WINNIPEG: ICE Canada canola futures rose in choppy trading on Monday, lifted by exporter buying and a slowdown in hedge-selling by commercial grain handlers, traders said.

* Canola recovered after dipping in earlier trading with US soybeans.

* Some short-covering was seen ahead of Tuesday's US Department of Agriculture monthly supply and demand report.

* May canola added $1.50 at $623.10 per tonne on volume of 11,804 contracts.

* July canola rose $2.30 to $619.40 per tonne on volume of 8,442 contracts.

* May-July spread traded 6,530 times, narrowing to a May premium of $3.70. July-November spread settled at a July premium of $36.10, trading 1,096 times.

* Chicago May soybeans lost 3 US cents to US$14.31 per bushel.

* The Canadian dollar was trading at $0.9964 against the US dollar or US$1.0036 at 2:25 p.m. CDT (1925 GMT), down from Thursday's North American finish at C$0.9938 versus the US currency, or $1.0062.

* US light crude oil fell 0.9 percent at $102.40 per barrel.

* Snow misses parched parts of Canadian Prairies.

* Canada weekly canola crushings slip 5.8 percent.

Copyright Reuters, 2012