WINNIPEG: ICE Canadian canola futures climbed on Wednesday for the fourth session in a row, reversing earlier losses on support from tight supplies.
Canadian farmers have already sold much of their new crop and export demand is strong, a broker said. Commercial hedge pressure is minimal with a lack of fresh selling by farmers to the cash pipeline.
Most-active March canola gained $1.80 to $595.30 per tonne.
The January contract, seeing declining volumes ahead of expiry next month, rose as high as $605.80, the highest nearby canola price in seven years.
The January-March canola spread traded 5,911 times. Investors are rolling January positions forward.
US soyabean futures dipped after flirting with 4-1/2-year highs.
Euronext February rapeseed futures rose and Malaysian February palm oil futures eased.—Reuters