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.
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