WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday for a fifth straight session, lifted by technical buying and short-covering. Canadian farmers slowed sales to commercial buyers when prices were weaker last week and due to cold weather, leaving some buyers caught short, a trader said.

March canola added $4 to settle at $831.90 per tonne, touching a near two-week high. The 5-day winning streak is the longest for a most-active canola contract since early November.

Statistics Canada will release on Feb 7 its estimates of Canadian crop stocks as of Dec. 31, 2022. The trade expects, on average, canola stocks of 11.7 million tonnes, up from 8.8 million a year earlier.

March-May canola spread, the most active inter-month spread, traded 4,192 times. US soybean futures gained ground, finding support from dry forecasts in Argentina that could continue to erode yields in the key exporting country.

Comments

Comments are closed.