ICE Canadian canola futures jumped 1.8 percent on Wednesday, their biggest daily gain in two months as grains surged on fears of weather disruption to crops. Corn, wheat spiked on harsh US and European weather, spilling over support to canola. Support also came from a spike in crude oil futures on US data that showed better than expected energy demand.
Modest canola buying was seen by trend-following funds as technicals improved. Canadian Prairie farmers catching up on planting in mostly dry weather this week, but rain in forecast for Manitoba this weekend, and in parts of Saskatchewan and Alberta this week. Total volume of about 17,900 contracts was highest in three weeks. Most active July rose $10.20 or 1.8 percent to $572.10 on volume of 9,967 contracts.
Comments
Comments are closed.