WINNIPEG, (Manitoba): ICE canola futures climbed on Thursday for the second straight day, as drought continued across the Canadian Prairies, threatening crop yields. Most-active November canola gained $23.10 to $814 per tonne.
In the Canadian province of Saskatchewan, moisture levels are deteriorating, causing crop damage, the provincial government said.
Canadian canola, wheat crops are ‘hanging on by a thread’ as drought persists.
A weakening Canadian dollar added to canola’s strength as it makes exports more attractive, analyst Wayne Palmer said.
November-January canola spread traded 1,488 times.
Chicago soybean futures were mixed, pressured by cool, rainy forecasts across the US growing belt, though dryness in the upper Midwest continues to threaten developing crops.
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