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WINNIPEG: ICE Canadian canola futures rose on Wednesday and hit a fresh two-year high, boosted by Canadian crop concerns and technical buying. Canola is supported by thoughts of lower-than-expected Canadian yields as well as the weak US dollar, which has boosted US commodities and spilled over support to canola, a broker said.
November canola gained $9.30 to $530.20 per tonne. The contract is seen hitting resistance around $543. In the Canadian province of Manitoba, 54% of the canola harvest is complete, behind the three-year average for this time of 69%, the provincial government said.
November-January canola spread traded 5,542 times. US soyabean futures surged to two-year highs on continued export demand from top global soy buyer China.