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ICE canola futures hit fresh 2-year high on crop concerns, technical buying

Published 2020-09-16, 02:35 p/m
ICE
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RSc1
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(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Sept 16 (Reuters) - ICE (NYSE:ICE) canola futures rose on Wednesday and hit a fresh two-year high, boosted by Canadian crop concerns and technical buying.

* Canola is supported by thoughts of lower-than-expected Canadian yields as well as the weak U.S. dollar, which has boosted U.S. commodities and spilled over support to canola, a broker said.

* November canola RSX0 gained $9.30 to $530.20 per tonne. The contract is seen hitting resistance around $543.

* In the Canadian province of Manitoba, 54% of the canola harvest is complete, behind the three-year average for this time of 69%, the provincial government said. GRO/MBA

* November-January canola spread traded 5,542 times.

* U.S. soybean futures Sv1 surged to two-year highs on continued export demand from top global soy buyer China. GRA/

* Euronext November rapeseed futures /COMX0 also climbed.

* Ukraine rapeseed exports fell 30% so far in 2020/21.

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