ICE canola futures edge up

RefinitivLess than 1 min read

FCPO1!

USDCAD

DXY

ICE canola futures crawled higher on Thursday as the mood in vegoil markets continued to be optimistic about demand.

• May canola (RSK5) settled up $3.60 at $654 per metric ton. July (RSN5) had a similar gain, but new-crop November (RSX5) saw only a 30-cent gain to $636.90.

• Sentiment in canola remains positive, traders said, with tight stocks and continuing Chinese demand for seed keeping prices at levels that encourage farmer sales. Prices around $650 per ton are also seen as encouraging farmers to stick with canola acres for the crop they are about to plant, even if November prices are at a discount to present prices.

• Chicago Board of Trade soyoil futures (BOv1) rose 0.28%.

• Euronext rapeseed futures (COMc1) rose 0.84% and Malaysian palm oil futures FCPO1! rose 1.28% on strength in Dalian vegoil markets.

• The Canadian dollar USDCAD had strong gains against the U.S. dollar DXY.