ICE Canadian canola futures rose on Friday on support from lingering harvest problems in Western Canada and stronger palm and soyaoil prices.
Alberta canola was only 83% harvested as of Nov. 5, running behind the usual pace, the government of the Canadian province said. Modest short-covering ahead of a three-day weekend added a lift to canola futures, a trader said.
Most-active January canola gained $2.10 to settle at $463.30 per tonne. The January-March canola spread traded 3,452 times, finishing with a March premium of $9.60. Chicago soyabean futures dropped as the US Agriculture Department (USDA) left its US crop yield and harvest outlooks unchanged despite poor weather this summer and fall.
The USDA lowered its corn harvest outlook as cold and wet conditions late in the growing season cut into yields in key production areas such as South Dakota, Nebraska and Minnesota. Euronext February rapeseed futures edged higher and Malaysian January palm oil futures gained 2%.
Comments
Comments are closed for this article.