Markets

ICE canola notches third straight weekly gain

WINNIPEG : ICE Canada canola futures rose on Friday, posting their third straight weekly gain and racking up the biggest

Published February 3, 2012 Updated February 3, 2012 08:42pm

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By Abdul Ahad

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* Statistics Canada reported a slightly smaller canola supply at Dec. 31 than a year ago, but the estimate drew little market reaction.

* Nearby March posted weekly gain of 0.2 percent.

* Large volume of about 37,200 contracts was partly due to strong inter-month spread trading among commercials, including in deferred months - trader.

* Stronger Canadian dollar and commercial hedges capped gains.

* March canola gained $2.80 to $525.50 a tonne on volume of 15,655 contracts.

* May rose $2.00 at $529.40 on volume of 13,432 contracts.

* March-May spread traded 9,520 times, settling at a May premium of $3.90.

* Chicago March soybeans gained 15-1/2 US cents to US$12.32-1/2 per bushel. March soyoil gained 0.46 cent to 51.65 US cents per lb.

* MATIF May rapeseed gained 0.3 percent.

* The Canadian dollar was trading at $0.9934 against the US dollar, or US$1.0066, at 1:15 p.m. CST (1915 GMT), up from Thursday's close at $0.9996 to the US dollar, or US$1.0004.

* US crude oil futures added 1.5 percent to US$97.84 per barrel.

* Canada weekly canola crushings ease 0.5 percent.

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