WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday for a third straight session, as technical strength and tight supplies helped the contract buck a lower trend among some vegetable oils and oilseeds.
Canola has few sellers, other than momentum investors who sell as prices near a peak, and "the flow is higher until it isn't," a broker said. Most-active January canola gained $6 to $960.60 per tonne.
The January-March canola spread traded 2,599 times.
Euronext February rapeseed futures and Malaysian January palm oil futures dipped.
US corn futures rallied on signs of robust ethanol production, and the strength spilled over to soybeans and wheat.