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ICE canola rises to nearly 2-week high on US budget optimism

CanolaWINNIPEG: ICE Canada canola futures rose early to a nearly two-week high on Thursday, as hopes of a US budget deal lifted commodities and equities.

 

* Tight canola supplies keeping cash markets firm. Statistics Canada to issue final crop production estimates on Wednesday.

 

* Concerns about dry conditions for southern Brazil's soybean crop and wheat crops in the United States, Argentina and Australia added support for grain and oilseed markets.

 

* Funds expected to cover some of their net short position in canola after nearby January touched $597.60, the highest price since Nov. 9.

 

* January canola added $2.90 at $595.80 on volume of 1,126 contracts by 8:25 a.m. CST (1425 GMT).

 

 * March canola rose $3.10 to $595.70 on volume of 262 contracts.

 

* Chicago January soybeans gained 9-3/4 US cents to US$14.56 per bushel.

 

* Paris February rapeseed was flat at 8:14 a.m. CST (1414 GMT).

 

* Malaysian February palm oil slipped 0.3 percent.

 

* Canadian dollar was trading at $0.9922 against the US dollar or US$1.0079, down slightly from Wednesday's close at C$0.9919 to the US dollar, or $1.0082.

 

Copyright Reuters, 2012