WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday, pulled higher by stronger prices for rival vegetable oils, palm and soyoil.
Canola’s gains lagged those of other vegetable oils. Periodic sales by Canadian farmers of newly harvested canola are weighing on the market, an analyst said.
November canola added $6.80 to $867.40 per tonne.
In the Canadian province of Manitoba, 84% of the canola harvest is complete, the provincial government said.
November-January canola spread traded 5,607 times.
US soybean futures advanced as global economic jitters eased and the US dollar weakened.
Euronext November rapeseed futures edged higher and Malaysian November palm oil futures jumped 3% on estimates of falling output.