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ICE Canada canola ends higher as C$ weakens further

Published 2016-01-12, 05:30 p/m
ICE Canada canola ends higher as C$ weakens further

(All figures in Canadian dollars unless noted)
Jan 12 (Reuters) - ICE Canada canola futures rose on Tuesday
as the Canadian dollar fell to its lowest since 2003, making the
oilseed more attractive to those holding other currencies,
traders said.
* The Canadian dollar weakened below 70 U.S. cents for the
first time since May 2003 as a slump in oil prices extended to
$30 a barrel and traders increased their bets that the Bank of
Canada will cut interest rates this month.
* Frigid weather in the Canadian Prairies added support,
slowing farmer canola deliveries, traders said.
* Additional support noted from strength in Chicago Board of
Trade soybean 0#S: futures, which climbed after the U.S.
Department of Agriculture lowered its estimate of U.S. 2015
soybean production and its forecast of 2015/16 U.S. soy ending
stocks.
* Most-active March canola RSH6 settled up $4.50 at
$482.90 per tonne on volume of 15,049 contracts.
* The January contract RSF6 , which expires on Thursday,
finished up $4.50 at $474.60 a tonne.
* Malaysian March crude palm oil 1FCPOH6 fell 0.7 percent
while NYSE Liffe Paris February rapeseed COMG6 rose 0.3
percent.
* The Canadian dollar CAD= was trading at $1.4258, or
70.14 U.S. cents at 4:14 p.m. CST (2214 GMT), weaker than the
Bank of Canada's official close from Monday of $1.4223, or 70.31
U.S. cents.

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