WINNIPEG: ICE Canadian canola futures rose on Wednesday, boosted by gains in soya prices after a US government report said soybeans stocks were smaller than expected. American soyabean and corn stockpiles were smaller than expected as China stepped up its purchases of US supplies during the summer, the US Department of Agriculture said.
November canola added $8.40 to $520.40 per tonne. The gain was only canola's second in nine sessions. Technical support for canola is seen at $508, and then $502, Exceed Grain Marketing analyst Wayne Palmer said. He added that funds are long about 40,000 contracts. In the Canadian province of Manitoba, the canola harvest is 85% complete.
November-January canola spread traded 10,714 times. Euronext November rapeseed futures also rose and Malaysian December palm oil futures dipped.
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