Friday, 30 November 2012 04:51
WINNIPEG: 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