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ICE canola futures jump to highest in over 2 years

Published 2020-09-08, 02:30 p/m
USD/CAD
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ICE
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RSc1
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(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Sept 8 (Reuters) - ICE (NYSE:ICE) canola futures jumped to their highest in more than two years on Tuesday, boosted by surging vegetable oil prices and weather-related crop concerns in Canada.

* Canola was boosted by strong soyoil prices and a weaker Canadian dollar, along with concerns about frost in parts of Saskatchewan and Manitoba, said Exceed Grain Marketing analyst Wayne Palmer.

* November canola RSX0 gained $7.20 to $510.90 per tonne. It rose as high as $514.90, the highest price since June 2018.

* November-January canola spread traded 4,753 times.

* Malaysian November palm oil futures /FCPOX0 climbed more than 2%, lifted by strong Chinese demand for oilseeds. POI/

* U.S. soybean futures Sv1 also hit a two-year high on technical buying and Chinese demand. GRA/

* The Canadian dollar CAD= slid to a near two-week low as oil prices tumbled. CAD/

* Euronext November rapeseed futures /COMX0 eased.

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