ICE Canadian canola futures edged higher on Tuesday, snapping a three-day losing streak with a lift from short-covering and higher US soybean and corn prices. US Department of Agriculture rated on Monday 65 percent of the soybean crop as good or excellent, down from 67 percent the previous week. Hotter, drier weather is expected to stress US crops further.
Canola's gains lagged those of the US crops, with Canadian growing conditions mostly favourable and a record-large canola crop expected. A stronger Canadian dollar and light technical selling by funds early in the session also limited canola's gains. November canola added $1.30 to $526.10 per tonne on volume of 11,399 contracts. November-January spread finished trading with a January premium of $6.00, trading 1,528 times. Chicago November soybeans rose 22-1/2 US cents to US $12.86-1/4 per bushel. MATIF Paris August rapeseed added 0.5 percent.
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