ICE Canadian canola futures rose on Wednesday, bucking pressure from bearish US Department of Agriculture data as attention turned to tight Canadian canola supplies, traders said. Concerns about thin Canadian supplies have grown with planting season expected to be delayed due to flooding.
The USDA estimated world corn, soy and wheat stocks larger than expected. Funds have whittled down their May canola long position in the past week, but the benchmark contract settled above its 50-day moving average on Wednesday. May canola added $3.80 to $623.10 per tonne on volume of 6,518 contracts. July rose $4.40 to $610.40 on volume of 6,974. May-July spread narrowed to a May premium of $12.70, trading 4,184 times.
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