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Canola futures follow U.S. soybean market higher

Published 2019-05-22, 04:04 p/m
© Reuters.  Canola futures follow U.S. soybean market higher
ICE
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CHICAGO, May 22 (Reuters) - ICE (NYSE:ICE) Canada canola futures rose on Wednesday, supported by gains in the U.S. soybean market, traders said.

* Traders noted some buying by small speculative investors.

* Concerns about dry conditions in key growing areas as farmers wrap up seeding tasks added further support.

* Gains were limited by a lack of export demand and some farmer selling at the peak of the market.

* July canola RSN9 rose $3.40 to $445.80 per tonne.

* The contract hit resistance at its 30-day moving average.

* July-November canola spread traded 2,624 times.

* Chicago July soybeans SN9 closed up 6-1/2 cents at $8.28-1/2 a bushel on technical buying.

* Paris Matif August rapeseed futures /COMQ9 was slightly higher but Malaysian July palm oil futures /1FCPON9 dropped 2.0 percent.

* The Canadian dollar strengthened to a near one-month high against the greenback on Wednesday as U.S. President Donald Trump told congress to prioritize a trade deal with Canada and Mexico, and as domestic data showed a jump in retail sales.

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