WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday for a second straight day, as concerns grew about drought sharply reducing Canadian production.
Canadian harvest estimates are falling steadily, and rains now can do little to reduce drought damage, a broker said. Even so, canola prices are so lofty that futures are prone to steep drops when buyers move to the sidelines, he said.
In the Canadian province of Manitoba, the percentage of canola in good to excellent condition ranges by region from 5% to 50%, the provincial government said. November canola gained $17.70 to $872.80 per tonne.
November-January canola spread traded 2,605 times. US soybean futures climbed, supported by a private assessment of the US crop as well as uncertain forecasts across the Midwest in the coming days. Euronext November rapeseed futures and Malaysian October palm oil futures also rose. France rapeseed crop production revised higher.
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