WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday to a one-week high, supported by short-covering. Canola is “ridiculously oversold” after a recent eight-day slide, prompting investors to cover some short positions, a trader said.
Weakness in the Canadian dollar, which in theory makes canola more competitive in global markets, added modest support. January canola gained $18.30 or 2.2% to settle at $836.10 per tonne. Statistics Canada on Friday will provide updated estimates for crop production.