Canada crop concerns, technical buying push ICE canola to late July highs
All figures in Canadian dollars unless noted
Oct 4 (Reuters) -ICE canola futures on Friday climbed to their highest prices since late July on technical buying and concerns that Canada's yields may fall short of expectations, analysts said.
Canadian farmers are reporting disappointing yields as the harvest winds down, traders said.
"I've had some people say it was the thickest crop they've grown and then coming to realize the pods aren't filled," said Dustin Gabor, lead analyst for Grain Shark.
Farmer selling increased as prices rose, Gabor added.
November canola futures RSX4 advanced $2.90 to $624.90 per metric ton after touching $632.80, the contract's highest level since July 30.
January canola RSF5 rose $1 to $637 per ton and hit its highest price since July 29 at $645.80.
On the Chicago Board of Trade, December soyoil BOZ24 slumped 0.56 cent to 43.97 cents per pound.
Reporting by Tom Polansek in Chicago; Editing by Sandra Maler
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
