ICE Canadian canola futures rose on Thursday as early harvest
yields were disappointing, shrugging off pressure from weaker Chicago
soyabeans, traders said. Cooler overnight temperatures Wednesday in Western
Canada raised some concerns about frost risk later this month, and crusher
buying also supported the market in thin volumes - trader.
11 percent of canola swathed in Saskatchewan, overall crop harvest slightly ahead of schedule. Light rains give some relief to drought-stricken US corn, soya. November canola gained $2.80 to $610.80 per tonne on volume of 5,819 contracts. January added $2.50 to $615.20 per tonne on volume of 1,934 contracts. November-January spread narrowed to a January premium of $4.40, trading 1,124 times. Chicago Board of Trade November soyabeans eased 9-1/4 US cents at US $16.25-1/4 per bushel, on favourable rains. MATIF November rapeseed eased 0.1 percent, while Malaysian October palm oil gained 1.7 percent. Canadian dollar was trading at $0.9861 against the US dollar or US $1.0141 at 1:54 pm CDT (1854 GMT), down slightly from Wednesday's close at $0.9890 against the US dollar, or US $1.0111.
11 percent of canola swathed in Saskatchewan, overall crop harvest slightly ahead of schedule. Light rains give some relief to drought-stricken US corn, soya. November canola gained $2.80 to $610.80 per tonne on volume of 5,819 contracts. January added $2.50 to $615.20 per tonne on volume of 1,934 contracts. November-January spread narrowed to a January premium of $4.40, trading 1,124 times. Chicago Board of Trade November soyabeans eased 9-1/4 US cents at US $16.25-1/4 per bushel, on favourable rains. MATIF November rapeseed eased 0.1 percent, while Malaysian October palm oil gained 1.7 percent. Canadian dollar was trading at $0.9861 against the US dollar or US $1.0141 at 1:54 pm CDT (1854 GMT), down slightly from Wednesday's close at $0.9890 against the US dollar, or US $1.0111.
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