Canadian canola futures plunge

July 13, 2013

Canadian canola
Canadian canola

ICE Canadian canola futures plunged nearly 2 percent on Thursday, pressured by a sharply stronger Canadian dollar and technical selling. Canola was also weighed down by weaker MATIF rapeseed prices, but shrugged off modest strength in CBOT soybeans. Funds sold an estimated 2,000 to 3,000 November canola contracts, adding to their net short position, on technical weakness.

Most-active November canola lost $10.50, or 1.9 percent, to $537.10 per tonne on volume of 11,394 contracts. Traded in a wide $12.10 range. November-January spread widened to a January premium of $5.80, trading 1,427 times. Chicago November soybeans gained 6 US cents to US $12.90-3/4 per bushel. MATIF Paris August rapeseed shed 1.8 percent. Malaysian September palm oil eased 0.2 percent. Canadian dollar CAD= was trading at $1.0391 versus the US dollar, or 96.24 US cents, at 1:20 pm CDT (1820 GMT), up from Wednesday’s close at $1.0518 versus its US counterpart, or 95.08 US cents. Courtesy Reuters.

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