Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Canola extends technical rally with mild gains

Published 2019-03-18, 03:29 p/m
Updated 2019-03-18, 03:30 p/m
Canola extends technical rally with mild gains

Canola extends technical rally with mild gains

CHICAGO, March 18 (Reuters) - ICE (NYSE:ICE) canola futures rose for the third day in a row on Monday, with technical buying underpinning a market that had little fundamental strength, traders said.

* Concerns about exports to China kept a bearish tone firmly in place over the market and limited the buying, a trader said.

* But many investors still view the canola market as oversold following its decline to its lowest since in 2-1/2 years earlier this month.

* The benchmark May canola futures contract RSK9 hit its highest since March 1 during Monday's session.

* May canola RSK9 settled $1.50 higher at $466.30 per tonne.

* July canola RSN9 was up $1.60 at $474.50, notching a 1.5 percent weekly gain.

* Chicago May soybeans SK9 finished 3-1/2 U.S. cents lower at US$9.05-3/4 per bushel.

* Malaysian May palm oil futures 1FCPOK9 were up 0.10 percent on Monday.

* The Canadian dollar CAD= was little changed against its U.S. counterpart on Monday, trading in a narrow range ahead of Tuesday's federal budget as oil prices rose and investors bet that the U.S. Federal Reserve will strike a dovish tone this week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.