ICE Canadian canola futures rose on Monday in thin volume, shrugging off improved planting weather in Western Canada. Mostly warm, dry forecast is favourable for canola planting this week on Canadian Prairies, but much land in eastern Saskatchewan and in Manitoba still flooded.
July-November spread traded 1,797 times, moved from small November premium last week to settle at $6.30 carrying charge. Concerns linger about some areas going unplanted-traders. Total volume of 8,472 contracts was lowest in nearly two weeks. Modest crusher buying and weaker Canadian dollar seen supporting. Most active July rose $1.80 to $556.60 on volume of 5,537 contracts, rising more slowly than new crop months as better planting weather eases concerns of short-term shortage-trader.
New-crop November up $7.20 at $562.90 on volume of 2,482. Chicago July soyabeans ended down 3 US cents at US $13.26-1/2 per bushel. July soyaoil down 0.23 cent to 55.91 US cents per lb. The Canadian dollar was trading at $0.9722 to the US dollar, or US $1.0285, as of 1:16 pm CDT (1816 GMT), down from Friday's North American session close at $0.9687 to the US dollar, or US $1.0323. NYMEX crude oil futures settled down 2.3 percent at US $97.37 per barrel.
Comments
Comments are closed for this article.