ICE Canadian canola futures rose on Tuesday, taking strength from soybeans that climbed on forecasts for unfavorable hot US weather later in July. The US Department of Agriculture (USDA) report was not a major factor in oilseeds trading, an analyst said. USDA reported that a big US soybean harvest would help offset rising overseas demand. November canola gained $4.90 at $475.40 per tonne.
January canola added $4.90 to $482. November-January canola spread traded 1,341 times. Chicago nearby November soybeans jumped on hot US weather forecasts. NYSE Liffe August rapeseed edged higher and September Malaysian palm oil fell. The Canadian dollar was trading at $1.3003 to the US dollar, or 76.91 US cents at 1:18 pm CDT (1818 GMT), higher than the Bank of Canada's official Monday close of $1.3121, or 76.21 US cents.
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