WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday, part of a broader commodity market rebound after aggressive selling the past two days. Dry conditions on the Canadian Prairies are a main focus. Conditions are rapidly deteriorating, the Manitoba government said on Tuesday. Canola has further price upside because supplies look to remain well below demand, a broker said. Most-active November canola rose $19.50 to $790.90 per tonne.
November-January canola spread traded 3,617 times. Chicago Board of Trade soybean futures rose, recouping some of their heavy losses from a day earlier, as a lower-than-expected US crop rating tempered hopes that forecast rain will improve field conditions. Euronext November rapeseed futures rose and Malaysian September palm oil futures dipped. Germany's wheat and rapeseed harvests are expected to increase in 2021 as rain helped crops recover from a hot, dry start to the summer, the association of German farmers said.
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