WINNIPEG, (Manitoba): ICE canola futures surged on Tuesday, driven higher by a spike in soy futures. Concerns about drought damage to Canada’s canola crop also supported prices, a trader said.
Trade estimates the Canadian canola crop at 14.1 million tonnes, down from 18.7 million a year ago, according to a Reuters survey. Statistics Canada will report on production on Monday.
November canola climbed $22.20 or 2.5% to $898.30 per tonne.
Canadian processors crushed 816,993 tonnes of canola in July, the lowest total in five months, according to Statistics Canada, as supplies dwindled.
November-January canola spread traded 1,913 times. US soybean futures rallied on eroding Midwest crop conditions and improving export demand.
Euronext November rapeseed futures rose and Malaysian October palm oil futures eased.
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