ICE Canadian canola futures rose on Wednesday, led by the nearby contract and with firm US grain and soy markets lending support, traders said. July-November spread traded 2,051 times, moving to a July premium as high as $17.20, the highest in nearly three months as farmers slowed deliveries amid weakening prices. US soybeans gained on positioning ahead of Thursday US Department of Agriculture report.
Total canola open interest dropped under 150,000 on Tuesday for first time since September 10, 2010, with funds' net position near even. July canola was headed toward a 0.7 percent monthly loss, with one more June trading session. November was on track for a 4.3 percent monthly loss - its biggest in more than a year. July rose $1.70 to $585.20 per tonne with 2,485 contracts traded.
Most-active November gained 60 cents at $568.70 on volume of 13,754. Chicago July soyabeans rose 3-1/2 US cents to US $13.34-1/4 per bushel. July soyaoil gained 0.49 cent to 55.83 US cents per lb. Canadian dollar was trading at $0.9711 to the US dollar, or US $1.0298, up from Tuesday's North American finish at $0.9827 to the US dollar, or US $1.0176. NYMEX crude oil futures settled up 2 percent at US $94.77 per barrel. Canada may fund Wheat Board's move to open market. Coming up: USDA planting and stocks report on Thursday.
Comments
Comments are closed for this article.