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ICE Canada canola ends up on softer C$, strength in allied US soy

Published 2018-07-17, 03:05 p/m
Updated 2018-07-17, 03:10 p/m
ICE Canada canola ends up on softer C$, strength in allied US soy

July 17 (Reuters) - ICE Canada canola futures 0#RS: firmed on Tuesday, rebounding from Monday's nine-month low on spillover strength from U.S. soybean futures and a weaker Canadian dollar, traders said.

* November canola RSX8 settled up 90 cents at $488.30 per tonne, one day after dipping to $484.20, its lowest since Oct. 3.

* U.S. Chicago Board of Trade soybean futures SX8 rose on lower-than-expected U.S. crop ratings and hopes for increased export demand from China, after U.S. soy shipments have declined over the trade war with Beijing. The Canadian dollar eased against its U.S. counterpart after Federal Reserve Chairman Jerome Powell struck a bullish tone in prepared remarks on the U.S. economy before a congressional committee. A weaker currency tends to make Canadian products more attractive on the export market. The Canadian dollar CAD= was trading at $1.3188 to the U.S. dollar, or 75.84 U.S. cents, at 1:55 p.m. CDT (1855 GMT).

* November Paris Matif rapeseed futures COMX8 rose 0.34 percent while Malaysian October crude palm oil 1FCPOV8 fell 0.09 percent.

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