Canadian canola futures slipped on Tuesday due to favourable weather in the Canadian Prairies for developing crops, traders said. Hot weather forecast this week for much of Prairies should help crops develop and allow farmers to plant their last acres. Canola belt in east-central Saskatchewan is still wet, with planting lagging - trader.
Manitoba planting nearly complete. Canola underpinned by firm soy and crude oil values. July canola lost $3.00 to $604.90 per tonne on volume of 5,560 contracts. New-crop November slipped $1.60 to $559.90 per tonne on 7,319 contracts. July-November spread narrowed to a July premium of $45, trading 3,369 times.
Chicago Board of Trade July soybeans were up 11 US cents to US $13.51 per bushel, at close of pit trade, on firm cash markets and on soy/corn spreading. MATIF August rapeseed edged up 0.3 percent, while Malaysian June palm oil also rose 0.3 percent. Canadian dollar was trading at $1.0385 against the US dollar or 96.29 US cents at 1:17 pm CDT (1817 GMT), up from Monday's close at $1.0397, versus the US dollar, or 96.18 US cents. US light crude oil futures gained 0.4 percent to US $84.29 per barrel. Brazil cuts soy estimate, raises corn view.
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