Canadian canola futures to hit one-week high

ICE Canadian canola futures climbed to a one-week high on Tuesday, supported by fears of freeze damage over the long holiday weekend and a weaker Canadian dollar, traders said. Gains were limited, however, by weakness in Chicago Board of Trade soyabeans and soyaoil futures. July canola rose $5 to settle at $460.30 per tonne on volume of 11,582 contracts.
New-crop November canola rose $4.10 at $453.30 per tonne on volume of 6,011 contracts. The July-November spread traded roughly 3,700 times between $5.90 and $7.30, premium July. Frost in the Prairies likely harmed some emerging canola, a US agricultural meteorologist said. "We think there was some canola damage done, especially in south-eastern Saskatchewan, where crop was most advanced. They are probably going to have to replant," said Andrew Owen of World Weather Inc.