WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday, touching a three-week high on strength in soyaoil prices and limited selling due to concerns about tight Canadian supplies.
Speculators are the main canola sellers in the market, crushers continue to buy, and Canadian farmers are in no hurry to sell their crop, analyst Wayne Palmer said.
Most-active March canola gained $10.70 to $1,012.90 per tonne, touching the contract’s highest price since Nov. 29.
January-March canola spread traded 2,735 times.
US soybean futures hit their highest price since August, boosted by unfavourable dryness in South America. Euronext February rapeseed futures and Malaysian March palm oil futures also rose.