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Canola futures rise on fund buying, technical strength

Published 2019-09-13, 03:06 p/m
© Reuters.  Canola futures rise on fund buying, technical strength
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CHICAGO, Sept 13 (Reuters) - ICE (NYSE:ICE) Canada canola futures rose in heavy volume trading on Friday, with traders noting fund buying after contracts broke through key resistance points.

* The benchmark November canola futures contract RSX9 closed $2.70 higher at $449.80 per tonne.

* The contract rallied through its 30-day, 40-day and 50-day moving averages during the session before running into resistance at its 100-day moving average.

* Front-month canola futures RSc1 peaked at $453.90 a tonne, hitting a three-week high on a continuous basis.

* The November-January RSX9-F0 canola spread traded 9,173 times, closing at a $8.20 January premium. The January-March spread RSF0-H0 traded 5,162 times.

* The benchmark CBOT November soybean contract SX9 ended 3-1/4 U.S. cents higher at U.S. $8.98-3/4 a bushel.

* The Canadian dollar weakened to a one-week low against its U.S. counterpart on Friday as data showed a rising debt service burden for Canadians that could crimp their spending. CAD/

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