WINNIPEG: ICE Canadian canola futures rose on Wednesday, touching a two-year high, on stronger crush margins and higher soyaoil prices.
Uncertainty about crop sizes in both Canada and the United States underpin canola, a broker said. November canola gained $2.40 to $503.50 per tonne. The contract touched $504.10, the highest nearby price since August 2018 and a contract high. November-January canola spread traded 3,578 times.
US soyabean futures rose as traders waited for more information about the size of the upcoming US harvests. Euronext November rapeseed futures and Malaysian November palm oil futures edged higher. Statistics Canada will report on Friday estimates of Canadian crop stockpiles as of July 31, 2020. Trade expects, on average, total canola stocks of 2.3 million tonnes, down from 3.8 million a year earlier.
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