WINNIPEG, (Manitoba): ICE canola futures rose on Thursday for a third straight session, lifted by limited selling by Canadian farmers. With Western Canada in a cold snap, farmers are currently selling little of their harvest, adding support to prices, a trader said.
Most-active March canola gained $3.80 to settle at $861.20 per tonne. January-March canola spread, the most-active inter-month spread, traded 2,539 times. Chicago soybean futures dropped, pressured by South American forecasts for more rain which could relieve parched soy crops in Argentina.
Euronext February rapeseed futures edged higher. German farmers have turned to winter rapeseed, with sowings for the 2023 crop expanded by 7.6% to around 1.2 million hectares, the national statistics agency said.
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