ICE Canadian canola futures rose on Thursday for a second straight day, as the market digested a government estimate of reduced Canadian canola plantings. Canadian farmers intend to plant 7% fewer acres of canola this spring as a dispute with China hampers demand, a Statistics Canada report showed on Wednesday.
Dry conditions in southern Saskatchewan and Alberta during seeding season added support, along with big short positions that some investors are reducing, a trader said.
May canola gained $3.30 to $442.40 per tonne. May-July canola spread traded 9,596 times. Chicago July soyabeans rose on technical buying.
Paris Matif August rapeseed futures gained and Malaysian July palm oil futures dipped. The Canadian dollar edged higher against its US counterpart on Thursday but held near its lowest since January after the Bank of Canada slashed its economic growth outlook the day before.
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