ICE Canadian canola futures rose on Friday. The market rose on traders with short positions taking profits and was also supported by limited hedge pressure as farmers are not currently active sellers to commercial buyers, a trader said. May canola gained $2.60 to settle at $453.60 per tonne.
May-July canola spread traded 3,951 times. US corn and wheat futures were modestly higher on Friday as wider financial markets regained some ground, but soyabean futures fell, hitting life-of-contract lows as crop weather in South America improved.
Euronext May rapeseed futures fell and Malaysian May palm oil futures rose. In a surprise move, the Bank of Canada cut its overnight rate by 50 basis points on Friday as the Canadian government pledged credit support to help businesses stave off a potential recession amid the coronavirus outbreak.
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