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ICE canola futures rise, tracking soybean rally

Published 2019-09-16, 05:47 p/m
ICE canola futures rise, tracking soybean rally
ICE
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(All figures in Canadian dollars unless noted)

CALGARY, Alberta, Sept 16 (Reuters) - ICE (NYSE:ICE) Canada canola futures rose on Monday, helped by a rally in allied U.S. soy futures, traders said:

* The benchmark November canola futures contract RSX9 closed $2.90 higher at $452.70 per tonne.

* One trading source said canola prices were tracking stronger soybean futures, which were benefiting from a surge in global oil prices after attacks on Saudi oil facilities cut production. O/R

* The canola contract is facing resistance at its 100-day moving average.

* The November-January RSX9-F0 canola spread traded 7,269 times, closing at a $8.40 January premium. The January-March spread RSF0-H0 traded 3,321 times.

* The benchmark CBOT November soybean contract SX9 ended 1-1/4 U.S. cents higher at US$9.00 a bushel, while CBOT December soyoil BOZ9 jumped 0.85 cent to end at 30.28 U.S. cents per pound after touching 30.36 cents, its highest since April 5.

* Soyoil is the main U.S. feedstock for biodiesel fuel.

* The Canadian dollar strengthened against its U.S. counterpart as oil prices soared following the attack on Saudi oil facilities. CAD/

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