WINNIPEG, (Manitoba): ICE canola futures ended a three-day losing run to jump 2.5% on Monday in a crude, grain and oilseeds buying spree. Canola’s gains looked overdone, however, a trader said, adding that Canadian farmers were selling little of last year’s leftover crop, supporting the market during planting season.
July canola added $17.90 to settle at $730.80 per tonne. July-November canola spread, the most active inter-month spread, traded 6,224 times. US wheat futures rose more than 3%, supported by a lower-than-expected official forecast of US supply next season and doubts over the renewal of a deal on the shipping corridor from Ukraine.
Wheat’s jump also lifted soybeans and corn. Euronext August rapeseed futures posted modest gains.
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