CHICAGO: ICE Canada canola futures fell on Wednesday as traders locked in profits due to expectations for a record harvest this fall.
* The drop in canola bucked a rally in US soybean markets. Canola has followed soybeans higher throughout the summer.
* Strength in the Canadian dollar contributed to weakness in canola prices.
* The spot November canola contract ended 80 cents lower at $632.50 per tonne.
* Overall volume was moderate, with 14,908 contracts traded, according to Reuters data.
* November-January spread widened 40 cents to a January premium of $3.10, trading 3,609 times
* Chicago Board of Trade November soybeans rose 29-1/2 cents to US $16.20 per bushel on Wednesday due to strong cash markets and tight stocks.
* MATIF August rapeseed dropped 1 percent, while Malaysian August palm oil dropped 2.4 percent.
* Canadian dollar was trading at $1.0108 against the US dollar, or 98.93 US cents, at 3:18 p.m. CDT (2018 GMT), up from Monday's close at $1.0126 versus the US dollar, or 98.76 cents.
* US light crude oil gained 59 cents to US$89.81 per barrel.
Comments
Comments are closed.