ICE canola futures end flat, underpinned by higher soybean prices
- Funds are adding to their long canola positions, but canola's gains are limited by brisk farmer deliveries, a trader said.
- In the Canadian province of Manitoba, the canola harvest is 94% complete, ahead of the three-year average of 81%.
WINNIPEG: ICE canola futures ended unchanged on Wednesday, underpinned by strength in soybean and palm prices.
Funds are adding to their long canola positions, but canola's gains are limited by brisk farmer deliveries, a trader said. Crushers are seen buying futures in deferred months.
November canola settled unchanged at $525.40 per tonne. Deferred contracts edged higher.
In the Canadian province of Manitoba, the canola harvest is 94% complete, ahead of the three-year average of 81%.
November-January canola spread traded 5,193 times.
US wheat and soybean futures jumped to multi-year highs as unfavorable weather threatened production in exporting countries.
Euronext November rapeseed futures dipped and Malaysian December palm oil futures climbed on concerns about output due to adverse weather and virus-induced curbs in key growing regions.
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