WINNIPEG, (Manitoba): ICE canola futures climbed on Wednesday, reversing earlier losses after a US government report showed farmers planted less soybeans and corn than expected.
Prices also gained ground after a report from Saskatchewan, the top canola-growing Canadian province, increased concerns about the crop’s development, a broker said. Saskatchewan crops need rain and cooler weather, the provincial government said. 58% of oilseeds are at their normal stage of development. Most-active November canola gained $17.10 to $811.70 per tonne.
November-January canola spread traded 2,166 times.
Chicago Board of Trade grain and soybean futures surged after the US Department of Agriculture surprised traders with lower-than-expected plantings estimates and inventory data. Canola trading is closed on Thursday for the Canada Day holiday.
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