Canadian canola futures rise

December 23, 2012

ICE Canada canola futures climbed
ICE Canada canola futures climbed

ICE Canadian canola futures rose on Friday, supported by a rebound in US grains and with a weaker Canadian dollar, but registered the biggest weekly loss in five weeks. Canola notched a weekly loss of 2.7 percent. Grains and oilseeds overcame bearish investor sentiment from a setback in talks to avert a US fiscal crisis. January canola options expired with little trading.

January canola added $7.80 or 1.4 percent to $582.10 on volume of 12,066 contracts, after hitting a 10-month low in the previous session. March canola rose $9.10 to $578.70 on volume of 9,126 contracts. January-March spread narrowed to a January premium of $3.40, trading 7,145 times.

Chicago Board of Trade January soybeans gained 22 US cents or 1.6 percent to US $14.30-3/4 per bushel. Paris February rapeseed gained 2 percent. Malaysian February palm oil tacked on 3.8 percent on short-covering and optimism for a zero export tax on crude palm oil in early 2013 to cut stocks.

Courtesy: Reuters

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