Canola rises as hedge pressure lifts

Reading Time: < 1 minute

Published: October 18, 2010

Canola futures rose Monday as hedging pressure weakened and the loonie edged lower.

The Canadian Wheat Board said harvest of all crops is now 93 percent complete.

Soybeans edged lower on profit taking and strong hedging pressure as the U.S. harvest speeds ahead.

U.S. soybean harvest is 83 percent complete, well ahead of the five-year average of 62 percent.

Corn is 68 percent complete, also ahead of the five-year average of 39 percent.

In Winnipeg, November canola rose $2.20 per tonne to $500.60 on 7,242 trades.

The January contract rose $1.50 to $508.40 on 10,827 trades.

The previous day’s best basis was $20 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.

The 14-day Relative Strength Index for November was 64 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.

December barley futures were unchanged at $180 per tonne. March was unchanged at $185.

Chicago new crop November soybeans fell one cent to $11.84 US per bushel. January fell 0.75 cents to $11.95.

December oats fell 8.25 cents to $3.62 per bu. March oats fell 7.75 cents to $3.725.

In New York, crude oil for November delivery rose $1.83 to $83.08 US per barrel.

The Canadian dollar at noon was 98.53 cents US, down from 98.93 cents the previous trading day. The U.S. dollar at noon was $1.0149.

The TSX composite index closed at 12,668.01, up 58.94 points. The S&P 500 rose 8.52 points to close at 1,184.71.

explore

Stories from our other publications