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Markets Print edition: 2019-12-10

Canadian canola futures rise

Published Updated

ICE Canadian canola futures rose on Friday after a Canadian government report showed the harvest fell well short of expectations after a wet autumn.

Statistics Canada pegged the Canadian canola harvest at 18.6 million tonnes, 1 million tonnes short of the average trade expectation.

A weaker Canadian dollar and strong soyoil prices added to canola's strength, a trader said.

January canola gained $3.90 to $458.40 per tonne in heavy volume.

January-March canola spread traded 14,104 times, accounting for much of the day's trading.

The Canadian dollar weakened against its US counterpart after data showing a surprise slump in domestic jobs raised expectations for a Bank of Canada interest rate cut over the coming months.