WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday to a nearly two-week high, lifted by crusher buying and spillover strength from higher crude oil and European rapeseed prices.
Fund selling, which helped drag canola down for eight straight sessions through last week, has dried up, and Canadian farmers are also holding back sales of the new harvest, supporting prices, a trader said.
January canola gained $9.40 to settle at $845.50 per tonne. Statistics Canada on Friday will provide updated estimates for crop production.
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