WINNIPEG: ICE Canadian canola futures rose on Friday for a sixth straight session, supported by stronger soyabean prices and technical buying.
The market reversed earlier losses that were due to commercial hedges ahead of the weekend and profit-taking, a trader said. Investors who were short and looking for a lower close scrambled to cover positions near the closing bell, the trader said.
Statistics Canada will report on Monday its first estimates of Canadian crop production. Industry estimates, on average, peg the canola harvest at 20 million tonnes, up from 18.6 million last year.
November canola gained $1.90 to $499.10 per tonne.
November-January canola spread traded 1,932 times.
Statscan will report next Friday on crop stockpiles at the end of the 2019-20 marketing year, July 31, 2020. Industry expects, on average, total canola stocks of 2.3 million tonnes, down from last year's 3.8 million.
In the Canadian province of Alberta, 70% of canola was rated in good or excellent condition.
US soyabean futures rose for a fifth day in a row on persistent concerns that the US crop will fall short of expectations.
Euronext November rapeseed futures dipped and Malaysian November palm oil futures rose.
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