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ICE canola futures rise, extend longest rally this year

Published 2019-05-30, 02:32 p/m
ICE canola futures rise, extend longest rally this year
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WINNIPEG, Manitoba, May 30 (Reuters) - ICE (NYSE:ICE) canola futures rose on Thursday for a fifth straight session, its longest rally of 2019, following U.S. soy higher on U.S. planting delays.

* Canola's gains triggered modest short-covering by funds, a trader said. Dry Canadian crop conditions have also caused farmers to be slow sellers of their supplies, betting on higher prices, the trader said.

* Topsoil moisture in Saskatchewan is deteriorating, the government of the top canola-growing Canadian province said, adding that just 32% was adequate. GRO/SAS

* July canola RSN9 added 90 cents to $459.10 per tonne. The contract touched the highest nearby price since March 22.

* July-November canola spread traded 5,919 times.

* Chicago July soybeans SN9 gained on U.S. planting delays. Paris Matif August rapeseed futures /COMQ9 edged higher and Malaysian August palm oil futures /1FCPOQ9 dipped.

* A lockout of longshore workers at Canada's biggest port, the Port of Vancouver, ended in a deal on Thursday after a few hours, averting a potentially massive shipping disruption.

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