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ICE canola futures rise on crusher buying, soybean strength

Published 2019-02-01, 02:36 p/m
© Reuters. ICE canola futures rise on crusher buying, soybean strength
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ICE
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WINNIPEG, Manitoba, Feb 1 (Reuters) - ICE (NYSE:ICE) canola futures edged higher on Friday, helped by crusher buying and strength in soybeans.

* Canadian canola crushing margins are strong, stoking demand, a trader said.

* Concerns about soybean crops in South America and rapeseed crops in Europe underpin canola.

* March canola RSH9 gained 70 cents to $482.40 per tonne.

* March-May canola spread traded 3,267 times.

* Chicago March soybeans SH9 climbed on fresh demand from China. Paris Matif May rapeseed futures /COMK9 edged up slightly and Malaysian April palm oil futures /1FCPOJ9 eased.

* The Canadian dollar CAD= was trading at $1.3084 to the U.S. dollar, or 76.43 U.S. cents, at 1:19 p.m. CST (1919 GMT).

* EU rapeseed harvest seen hitting new low in 2019 after sowing woes. Trade estimates that total Canadian canola stocks rose as of Dec. 31, 2018, to 14.7 million tonnes, from 13.9 million a year earlier. Statistics Canada reports on stocks on Tuesday.

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