WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday, after a US government report unexpectedly trimmed its outlook for production of soybeans, a rival oilseed.
US Department of Agriculture pegged soybean production at 4.425 billion bushels, lower than the trade estimate for production of 4.484 billion bushels.
With soybean futures climbing after the report, there was little reason seen to sell canola, where speculators have built long positions based on technical strength.
Most-active January canola added $12 to $989.40 per tonne. January-March canola spread traded 2,382 times.
Euronext February rapeseed futures rose and Malaysian January palm oil futures dipped.
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