Canadian canola hits more than two-week high
October 11, 2012: ICE Canadian canola futures touched their highest levels in more than two weeks on Tuesday and posted their fourth straight gain on light buying and a lack of commercial hedges, traders said. Canola supplies expected to be tight for 2012/13, after Statistics Canada last week slashed its harvest outlook.
Crushers seen as light buyers. November canola gained $1.70 to $611.20 per tonne on volume of 10,588 contracts. Touched $616.70, the highest price since September 21 for a nearby contract. January canola added $2.10 to $610.30 on volume of 6,153 contracts. November-January spread narrowed to a November premium of 90 cents, trading 5,187 times.
Chicago Board of Trade November soybeans eased 1 US cent at US $15.50 per bushel, while back months gained slightly. MATIF November rapeseed gained 0.6 percent. Malaysian December palm oil futures climbed 3 percent, supported by a possible export tax change. Canadian dollar was trading at $0.9773 against the US dollar, or US $1.0232, at 2:05 pm CDT (1905 GMT), up from Friday’s close at $0.9789, or US $1.0216.