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ICE Canola Futures Gain on Tight Supply, Rising Global Oilseed Prices

6 Mar 2021 8:41 am
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Mumbai (Commodities Control) – ICE canola futures climbed for a sixth straight session on Friday on worries about tight supplies and spillover support from climbing prices for rival oilseeds.

Existing supplies of canola are tight and traders are growing increasingly worried about low soil moisture ahead of the spring planting season.

Most-active May canola rose $3.50 to $785.80 per tonne. The contract hit a life-of-contract high on Thursday and ended the week up 6.3%.

Trading volumes were light, with spreads contributing the bulk of the day's trades. The May-July canola spread traded nearly 4,000 times.

U.S. soybean futures climbed on Friday and closed near a 6-1/2 year peak posted last week as adverse weather across South America stoked worries about near-term supplies.

Euronext May rapeseed futures hit a fresh 8-1/2 year high, while Malaysian May palm oil futures also advanced.

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