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ICE canola futures hit new 2-year high, boosted by harvest delays, technical buying

Published 2020-09-14, 02:40 p/m
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(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Sept 14 (Reuters) - ICE (NYSE:ICE) canola futures climbed on Monday to a more than two-year high, boosted by Canadian harvest delays, technical buying and rising soyoil prices.

* Canola is carried by technical momentum after pushing through the psychologically important $500 level this month, along with questions about the size of the delayed Canadian harvest and limited sales to the cash pipeline by farmers, a trader said.

* Statistics Canada pegged Canadian canola production at 19.4 million tonnes, based on satellite data and analysis, unchanged from its estimate on Aug. 31. November canola RSX0 gained $5.90 to $523.30 per tonne. It touched $523.80, the highest nearby price since June 2018.

* November-January canola spread traded 3,808 times.

* U.S. soybean futures Sv1 rose above $10 a bushel for the first time in more than two years as Chinese buying and a lower U.S. production estimate supported prices. GRA/

* Euronext November rapeseed futures /COMX0 and Malaysian November palm oil futures /FCPOX0 also climbed.

* European Union rapeseed imports in 2020/21 reached 1.27 million tonnes, down 21% versus 2019/20.

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