WINNIPEG, (Manitoba): ICE canola futures edged higher for a third straight day as speculators topped up long positions after reducing them earlier in the week.
Profit-taking before the weekend and an uptick in selling to the cash market by Canadian farmers left canola weak in early trading, a trader said.
March canola gained 30 cents to $1,022.30 per tonne. It found support around the 50-day moving average on a most-active contract basis.
March-May canola spread traded 3,146 times.
US soybean futures fell after rallying to their highest level in more than seven months the previous day. Euronext May rapeseed futures also slid.
Five Canadian crushing projects planned to go forward despite limited canola supplies.