WINNIPEG: ICE Canadian canola futures climbed to the highest nearby price in nearly two years on Thursday, lifted by technical buying and rising soyaoil prices. Canola is underpinned by Canadian farmer concerns about declining yields after recent hot weather, and the Canadian dollar's strength may also curb canola's upside, a trader said.
November canola rose for a fifth straight session, gaining $3.60 to $497.20 per tonne. It touched $499.80, the highest nearby price since October 2018. November-January canola spread traded 3,977 times. In the Canadian province of Saskatchewan, 2% of canola has been combined. US soyabean futures rallied on dry US weather. The Canadian dollar treaded water, but remained near 7-month highs versus the US dollar.
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