ICE canola futures bounce off $700 but show relative strength
WINNIPEG, Manitoba, June 5 (Reuters) - 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 FCPOc3 fell 1.14% on profit-taking and weakness in Asian markets. POI/
• The Canadian dollar CAD= hit an eight-month high. CAD/
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