ICE canola hits near 2-week top on S.America worries
Posted by Labels: Canada, canola, Futures Edible Oil, South America
ICE Canada canola futures rose to a nearly two-week high on Monday as disappointing weekend rains in Argentina renewed worries about soybean crops.
* Milder temperatures on the Canadian Prairies and a bump in canola prices seen spurring some farmer deliveries. Commercial hedge pressure pressured late - traders.
* March canola futures rose $7.00 to $526.90 a tonne on volume of 6,760 contracts. Touched $528.10, highest price for the contract since Jan. 11.
* May added $8.10 to $531.60 on volume of 2,857 contracts.
* March-May spread traded 1,912 times, settling at a May premium of $4.70.
* Chicago March soybeans gained 30-1/2 US cents to US$12.17-1/2 per bushel. March soyoil gained 0.99 cent to 51.42 US cents per lb.
* MATIF February rapeseed ticked up 0.3 percent.
* The Canadian dollar was trading at $1.0085 against the US dollar or 99.16 US cents at 1:14 p.m. CST (1914 GMT), up from Friday's close at $1.0132 to the US dollar, or 98.70 US cents.
* US crude oil futures gained 1.3 percent to US$99.58 per barrel.
* New ICE Canada grain contracts off to slow start.
* Scattered rains give patchy relief to Argentine corn.
* Consultant AgRural trims Brazil soy forecast.
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