Oct. 23 (Bloomberg) -- Canola futures rose for the fourth straight session, the longest rally since late May, on signs of increasing demand for exports from Canada, the world’s largest grower.
Shipments will climb 10 percent to 8 million metric tons, Agriculture and Agri-Food Canada said Oct. 16. Exports are climbing amid increasing demand from China, Japan and Mexico, Ken Campbell, vice-president of North American Softseed Crushing for Archer-Daniels-Midland Co., said in an Oct. 10 e-mail.
“You can be sure that the Chinese are probably buying canola,” Wayne Palmer, a senior market analyst for Agri-Trend Marketing, said in a telephone interview from Winnipeg. “Big crops usually have a way of working itself out, and it all gets consumed.”
Canola futures for January settlement increased 0.3 percent to close at C$503.80 ($484.75) a ton at 1:26 p.m. on the ICE Futures Exchange in Winnipeg, after touching $506.70, the highest for a most-active contract since Sept. 6.
--Editors: Thomas Galatola, Millie Munshi