WINNIPEG, (Manitoba): ICE canola futures eased on Thursday in two-sided trading, halting a three-day winning streak. Trading was a “total mixed bag,” with prices underpinned by expectations of small Canadian production due to drought, a trader said.
November canola dipped 30 cents to $914.10 per tonne. In the Canadian province of Saskatchewan, 6% of canola has been harvested, the provincial government said.
November-January canola spread traded 1,231 times.
Most active US corn and soybean futures traded lower as beneficial rainfall across the Midwest pressured markets.
Euronext November rapeseed futures eased and Malaysian October palm oil futures edged higher.
Canada’s agriculture department estimated canola production at 15 million tonnes, a 10-year low.
Trade estimates the Canadian canola crop at 14.1 million tonnes, down from 18.7 million a year ago, according to a Reuters survey. Statistics Canada will report on production on Monday.
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