Canadian canola futures fall

January 01, 2013

ICE Canadian canola
ICE Canadian canola

ICE Canadian canola futures dipped on Monday as a deadline loomed to avert a US budget crisis, but the oilseed was on course for a yearly gain of nearly 14 percent. The US “fiscal cliff” would increase taxes and cut spending sharply if leaders fail to reach a deal on Monday.

Canola’s increase for 2012, driven largely by drought damaging US soybean and corn output, was limited by a modest loss in the final month of the year. Canola on pace for monthly decline of 0.6 percent, and is little changed over the quarter. January canola fell $7.60 or 1.3 percent to $597.60 on volume of 118 contracts by 8:54 am CST (1454 GMT).

March canola lost $8.10 to $588.50 on volume of 1,403 contracts. Chicago Board of Trade January soybeans were down 11-1/2 US cents at US $14.12-1/2 per bushel. Paris February rapeseed had shed 0.4 percent by 8:39 am CST (1439 GMT). Malaysian February palm oil fell 2.3 percent, weighed down by lower exports. Canadian dollar was trading at $0.9959 against the US dollar or US $1.0041, up from Friday’s close at $0.9965 versus the US dollar, or US $1.0035.

 

Courtesy: Reuters

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