WINNIPEG: ICE Canadian canola futures rose on Thursday, resuming their march higher on oilseed supply concerns after a profit-taking pause in the previous session. Oilseed prices are climbing due to a port workers strike in Argentina and insufficient moisture for crops in South America, said analyst Wayne Palmer.
Even so, the March contract's reversal on Wednesday indicates canola has found a technical top for the near term, a broker said. Most-active March canola gained $7.60 to $628.40 per tonne. January-March canola spread traded 1,632 times. Investors are rolling January positions forward ahead of the contract's expiry next month.
US soyabean futures set a new 6-1/2-year high on concerns that dry crop weather and a labor strike will curb supply from major exporter Argentina. Euronext February rapeseed futures and Malaysian March palm oil futures also rose. ICE canola trading will remain closed for trading on Friday and Monday for holidays.
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