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ICE Canola Rises with Fund Buying

WINNIPEG, MB, Feb.9, 2018 (CNS Canada), Feb 09, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, February 9 (CNS) - Canola contracts on the ICE Futures Canada platform were higher with fund buying at 10:40 CST on Friday.

"We are above the C$500 dollar mark (March contract) and the 50 day moving level," said a trader in Winnipeg, accounting for the fund interest.

He added there was also growing activity in the March/May spread.

Recent weakness in the Canadian dollar and slow farmer selling underpinned the market.

However, weakness in the U.S. soybeans and soyoil was bearish for canola.

Rains in Argentina are lighter than expected, which undermined values.

About 7,000 canola contracts had traded as of 10:40 CST.

Prices in Canadian dollars per metric ton at 10:40 CST:

                          Price      Change
Canola            Mar     500.90    up  1.60
                  May     506.70    up  1.20
                  Jul     511.70    up  1.50

Dave Sims, Commodity News Service Canada

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