WINNIPEG, Manitoba: ICE canola futures rose on Thursday for a third straight day, supported by fears of a small Canadian crop and on firm soybean prices.
With a smaller Canadian crop expected due to drought, speculators and funds following technical indicators on down days are among the only sellers in the market, with commercials driving up prices by covering short positions, said analyst Wayne Palmer.
November canola added $6.60 at $879.40 per tonne.
In the Canadian province of Saskatchewan, harvesting has begun after a week of minimal rain, the provincial government said.
January-March canola spread traded 1,372 times.
Chicago corn and soybeans climbed on stronger export sales, though gains were capped by rainfall across parts of the US Midwest.
Euronext November rapeseed futures rose and Malaysian October palm oil futures dipped.
Comments
Comments are closed.