Canadian canola futures rise
April 13, 2013
ICE Canadian canola futures rose on Thursday for a fifth straight day, following nearby soyabeans higher on concerns about tight US soyabean ending stocks. Inter-month spreading was heavy, with no solid direction for outright trade – traders. Weak margins have held crusher buying in check, while tight supplies have made traders hesitant to sell.
Benchmark May canola ended higher than its closely watched 50-day moving average, keeping funds on the sidelines – trader. Trading below the average has triggered fund selling in recent sessions. May canola added $2.20 to $625.30 per tonne on volume of 7,902 contracts. July rose $2.10 to $612.50 on volume of 10,628. May-July spread widened slightly to a May premium of $12.80, trading 6,682 times. Chicago Board of Trade May soyabeans added 9-1/4 US cents to US $14.02 per bushel. MATIF Paris August rapeseed added 0.5 percent. Source Reuters
Published: Zarai Media Team