ICE Canadian canola futures climbed on Wednesday to a four-month high, supported by a US Department of Agriculture report that cut its forecast for US soybean and corn ending stocks to levels below market expectations. Projected US corn and soybean carryout for 2013/14 tightening, leaving little buffer against crop problems - USDA.
Funds seen adding modestly to net long position, which is estimated at 10,500 July canola contracts. May canola gained $5.10 to $473.10 per tonne. Touched $476.50, the highest nearby price since December 6. July rose $4.70 to $482.60 per tonne. July-November spread narrowed to a November premium of $14.20.
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