WINNIPEG, (Manitoba): ICE canola futures edged higher on Tuesday, but lagged bigger gains by soybeans. March canola gained $1 to settle at $841.90 per tonne.
Spread trades between commodities continued to be a major trading feature and weakened canola prices earlier in the session, as investors sold canola and bought soybean oil, a trader said. March-May canola spread, the most active inter-month spread, traded 5,464 times.
Chicago corn and soybean futures rallied as signs of export demand and follow-through support from last week’s bullish US government supply/demand reports overshadowed early pressure from wetter South American weather forecasts. Euronext May rapeseed futures dipped.
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