WINNIPEG, (Manitoba): ICE canola futures rose on Friday as a US government report pegged lower-than-expected US soybean plantings, boosting oilseed prices.
The US Department of Agriculture’s (USDA) US soy seedings outlook of 87.505 million acres fell short of the 88.242 million acres expected by analysts.
Canola lagged the gains of other oilseeds, as some traders think last year’s Canadian harvest was bigger than Ottawa estimated, and because of weak demand, a trader said. May canola gained $3.30 to settle at $767.90 per tonne. May-July canola spread, the most active inter-month spread, traded 6,253 times.
US soybean futures climbed after the USDA’s forecast for 2023 plantings and its March 1 soy stockpiles estimate both came in at the low end of trade expectations. Euronext May rapeseed futures also rose.
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