WINNIPEG: ICE canola futures edged higher on Tuesday, extending their winning streak to eight days.
Canola’s gains lagged those of soyoil, as canola for May and July delivery is becoming relatively expensive, curbing demand, a broker said.
Most-active May canola edged up 10 cents to $796.20 per tonne. Earlier, the contract hit a fresh high.
May-July canola spread traded 5,085 times.
US soybean futures firmed in choppy trade, underpinned by tight US supplies of the oilseed.
The US Agriculture Department left its outlook for domestic corn and soybean supplies unchanged at seven-year lows. Euronext May rapeseed futures dipped and Malaysian May palm oil futures climbed.
Comments
Comments are closed.