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ICE canola futures climb as rains slow harvest

Published 2019-09-23, 05:26 p/m
ICE canola futures climb as rains slow harvest
ICE
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(All figures in Canadian dollars unless noted)

CALGARY, Alberta, Sept 23 (Reuters) - ICE (NYSE:ICE) Canada canola futures rose on Monday after heavy rain in the Canadian prairies slowed the harvest:

* The benchmark November canola futures contract RSX9 settled 90 cents higher at $448.30 per tonne, having traded as high as $452.80 earlier in the session.

* The Canadian prairies were hit by heavy rains over the weekend and temperatures are expected to remain cool this week, which will prevent crops from drying out quickly, one industry source said. "Farm sales will be light and that will result in generally stronger markets," he added.

* The November-January RSX9-F0 canola spread traded 3,307 times, closing at a $8.20 January premium, compared with $8.40 on Friday. The January-March spread RSF0-H0 traded 1,287 times.

* Chicago Board of Trade November soybeans SX9 settled 9-1/2 U.S. cents higher at US$8.92-1/2 a bushel. Soybeans were boosted by another purchase of U.S. supplies from top buyer China, as well as concerns that rainy weather in the U.S. Midwest could lower crop quality ahead of harvest, traders said. SOY/C

* The Canadian dollar edged higher against the greenback after domestic wholesale trade data supported bets that the Bank of Canada would leave interest rates unchanged this year. CAD/

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