WINNIPEG: ICE Canadian canola futures edged higher on Monday, touching the highest nearby price in a year and a half, boosted by strong demand from export markets and crushers. Technical buying added to canola's strength, a trader said.
November canola added $1 to $488.70 per tonne. It touched $489.50, the highest nearby contract price since January 2019. US soyabean futures edged higher as strong export sales, most notably to China, offset pressure from good crop weather. Euronext November rapeseed futures gained modestly and Malaysian October palm oil futures plunged almost 4% on profit booking.
European Union crop monitoring service MARS raised its EU 2020 rapeseed yield forecast to 2.97 t/ha from 2.90 t/ha last month, nearly unchanged from 2019 but 3.8% below the five-year average.
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