WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday, following soyoil gains, and further supported by tight supplies.
Statistics Canada cut its canola production estimate on Tuesday to a 13-year low, due to drought.
StatsCan’s lower-than-expected revision still underpins canola prices, a trader said. November canola gained $7.50 to $879.80 per tonne.
In the Canadian province of Manitoba, the canola harvest is 63% complete, the provincial government said.
November-January canola spread traded 5,459 times.
US soybean futures firmed, though gains were limited as canceled exports from the hurricane-damaged US Gulf weighed on futures.
Euronext November rapeseed futures and Malaysian November palm oil futures also rose.
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