All figures in Canadian dollars unless noted
WINNIPEG, Manitoba – Feb 10 (Reuters) – ICE canola futures rose Monday, continuing to advance on tight stocks and fund buying.
- March canola RSH5 settled up $5.00 at $661.80 per metric ton, closing at the highest price since November 12.
- Statistics Canada’s quarterly stocks report on Friday verified its December production estimate, traders said. Combined with Canadian Grain Commission statistics showing farmers having already delivered almost 11 million tons of crop already, traders are confident that stocks are as tight as they thought.
* “The market here has a really strong fundamental situation,” said trader and analyst Jerry Klassen. The market structure has also become bullish, he said. Managed money funds have aggressively bought futures in recent days, something he expects to continue.
- Chicago Board of Trade soyoil futures BOv1 fell 0.54%.
- Euronext rapeseed futures COMc1 were flat and Malaysian palm oil futures FCPOc3 rose almost 2% on an unexpected drop in Malaysian stocks reaching a 21-month low.
- The Canadian dollar CAD= fell.
Source: Reuters News
