WINNIPEG, (Manitoba): ICE canola futures surged to daily price limits on Monday, fuelled by a heatwave and dry weather on the Canadian Prairies. Some farmers are "fearing a crop wreck," with canola plants struggling to develop, a trader said. Most-active November canola jumped $30 or 4.1% to $769.50 per tonne.
Statistics Canada is scheduled to report on crop plantings on Tuesday. Trade expects, on average, Statscan to estimate canola sowings of 22.5 million tonnes, up from an April estimate of 21.5 million. November-January canola spread traded 1,318 times. Chicago Board of Trade corn, soybeans and wheat rallied, with traders focused on forecasts for heat in the western US Midwest that will quickly dry out soils in major production areas.
Euronext November rapeseed futures rose and Malaysian September palm oil futures eased. China rejected a Canadian request for a formal World Trade Organization panel about China's restrictions on canola seed imports from Canada.
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