ICE Canadian canola futures inched higher on Tuesday, extending a winning streak to seven days on support from technical buying and unfavourably dry weather for Argentina's soyabean crop. Funds, who follow technical indicators, bought an estimated 3,000 May contracts, giving them a net long position of 9,000 contracts, a trader said.
Canola's gains were limited by pressure from commercial hedges and profit-taking. March canola added 30 cents at $517.30 per tonne. Most-active May canola gained 10 cents to $522 per tonne. March-May canola spread traded 5,555 times. Chicago March soyabeans rose on dry conditions in Argentina and following soyameal gains.
Comments
Comments are closed.