ICE canola futures closed higher on Tuesday in a shortened, pre-holiday session, supported by modest strength in allied U.S. soy futures, a slow pace of farmer canola sales and firm crush margins, traders said.
January canola settled up $1.20 at $468.70 per tonne.
Most-active March canola ended up $1.20 at $478.00 per tonne.
The January-March canola spread traded 2,244 times and settled unchanged at $9.30, premium March.
Trade in ICE canola futures will be closed on Wednesday and Thursday in observance of the Christmas and Boxing Day holidays. Trade resumes on Friday.
US soybean futures settled up 2-1/2 U.S. cents at US$9.44-3/4 per bushel on short covering ahead of the Christmas holiday break and optimism about U.S.-China trade. Euronext February rapeseed futures closed steady on Tuesday while Malaysian March palm oil futures rose 0.55%. The Canadian dollar was trading 0.13% lower against the U.S. dollar, a day after data showed Canada's economy unexpectedly shrank by 0.1% in October.
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