ICE canola futures bounce off $700 but show relative strength

ICE canola futures failed to break through the $700 level on Thursday, but showed relative strength versus soyoil and palm.

• July canola (RSN5) settled up $3.90 at $698.90 per metric ton. November (RSX5) rose $4.70 to $681.20.

• July's failure to hold on to intraday gains above $700 would have been more negative for bullish traders if competing vegoil commodities hadn't fallen today, a trader said. Canola's relative strength could be seen as a bullish signal.

• The old crop/new crop spread has tightened, traders noted.

• Chicago Board of Trade soyoil futures (BOv1) fell 0.15%.

• Euronext August rapeseed futures (COMQ5) rose 0.52%. Malaysian palm oil futures FCPO1! fell 1.14% on profit-taking and weakness in Asian markets.

• The Canadian dollar USDCAD hit an eight-month high.