WINNIPEG: ICE Canadian canola futures rose on Friday for the fourth straight session, setting fresh contract highs on commercial and speculator buying.
Canola, soyabeans and palm oil have all surged in recent weeks in a global oilseed rally driven by export demand and South American soy crop concerns.
“Close eyes, buy,” a broker said of the bullish sentiment, adding that Canadian farmers are stepping back from sales.
Most-active March canola gained $8.40 to $665.20 per tonne. March-May canola spread traded 3,808 times.
US soyabean futures resumed their rally after a light sell-off a day earlier on signs of fresh export demand and expectations that key US crop reports next week will indicate tightening global supplies.
Euronext February rapeseed futures rose and Malaysian March palm oil futures edged higher.—Reuters
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