ICE Canadian canola futures climbed on Tuesday, lifted by a surge in soyaoil prices and weakness in the Canadian dollar. Canola and soyabeans are underpinned by scorching weather in Argentina, where soya yields have been hit by a four-month drought. Most-active May canola gained $8.50 to $520.90 per tonne.
ICE Futures Canada said there were no deliveries on Tuesday of the March contract, which expires on Wednesday. May-July canola spread traded 4,787 times. Chicago May soyabeans rose on fund buying and Argentina's dry weather.
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