WINNIPEG, Manitoba: ICE canola futures rose on Tuesday, boosted by a government report showing lower-than-expected Canadian stocks.
Statistics Canada estimated total crop stocks as of March 31, 2023 at 5.9 million tonnes, falling short of expectations, but up 15% from a year ago.
That report lifted prices, even though early Canadian crop conditions look favourable, a trader said.
July canola gained $4.90 to settle at $738.10 per tonne. July-November canola spread, the most active inter-month spread, traded 5,928 times.
Chicago Board of Trade corn and soybean futures dropped, under pressure from a fast pace of planting across key production areas of the US Midwest. Euronext August rapeseed futures gained ground in a slight technical bounce.