WINNIPEG, (Manitoba): ICE canola futures surged to a record high for the second straight day on Wednesday, lifted by tight Canadian supplies and robust demand for oilseeds.
Cash prices to Canadian farmers continue to rise, as commercials try to entice growers to sell remaining supplies, causing the futures to climb, a market source said.
July canola added $11.70 to $819.10 per tonne.
The May contract, trading in lower volume ahead of expiry on May 14, set a record nearby price of $880.10.
Canada’s agriculture ministry estimated canola plantings to rise 4% from last year to 21.6 million acres.
Trade expects, on average, Canadian canola plantings of 22.6 million acres, up from 20.8 million a year ago, according to a Reuters survey. Statistics Canada will issue its planting intentions report on April 27.
July-November canola spread traded 3,016 times.
US corn and soybean futures climbed to multi-year highs, supported by firm cash markets as old-crop supplies dwindle and weather issues threaten prospects for the 2021 harvests.
Euronext August rapeseed futures and Malaysian July palm oil futures climbed.
China issued guidelines recommending the reduction of corn and soymeal in pig and poultry feed, a measure that could reshape the flow of grains into the world’s top corn and soybean buyer.
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