ICE Canadian canola futures rose on Monday for a third straight session, boosted by gains in soyaoil and palm oil. Canola is also helped by Friday's Statistics Canada report that estimated a much smaller Canadian canola harvest than expected, although diminished Chinese buying amid a diplomatic dispute limits demand, a trader said.
Statistics Canada pegged the Canadian canola harvest at 18.6 million tonnes, 1 million tonnes short of the average trade expectation. January canola added 70 cents to $459.10 per tonne. January-March canola spread traded 9,061 times. US soyabean futures rose for a fifth straight session to their highest in two weeks as Chinese importers resumed buying.
Euronext February rapeseed futures and Malaysian February palm oil futures gained. Consultancy Strategie Grains forecast that rapeseed production in the European Union would reach 18.46 million tonnes next year, rebounding from a 13-year low of 16.85 million this year.
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