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ICE canola futures rises on soyoil strength, halts four-day skid

Published 2019-07-08, 02:40 p/m
ICE canola futures rises on soyoil strength, halts four-day skid
USD/CAD
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ICE
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WINNIPEG, Manitoba, July 8 (Reuters) - ICE (NYSE:ICE) canola futures rose on Monday and halted a four-day skid, following U.S. soyoil higher.

* Contract lows reached by canola last week have left technical charts bearish, but canola prices are unlikely to fall much further unless the Canadian crop turns out larger than expected, a trader said. Hot, dry Canadian weather has left the crop likely to be only "fair to good," the trader said.

* Most-active November canola RSX9 gained $4.50 to $447.30 per tonne.

* November-January canola spread traded 2,376 times.

* Chicago August soybeans SQ9 rose on concerns about forecasts for hot, dry Midwest weather in the next week. GRA/

* Paris Matif August rapeseed futures /COMQ9 rose and Malaysian September palm oil futures /FCPOU9 slipped.

* The Canadian dollar CAD= strengthened against its U.S. counterpart, moving closer to last week's eight-month high ahead of an interest rate decision on Wednesday from the Bank of Canada. CAD/

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