ICE Canadian canola futures climbed more than 1 percent on Tuesday on chart-based buying and following higher prices in the soyabean market, traders said. The potential for better export demand for canola, coupled with hot temperatures in the Canadian Prairies growing region, also bolstered prices.
November canola finished up $8.60 at $502.60 per tonne after hitting a peak of $503.00, highest since July 10. The November-January canola spread traded 598 times. Chicago November soyabeans were higher amid a downturn in US crop condition ratings.
November Paris Matif rapeseed futures and Malaysian October crude palm oil each were higher. The Canadian dollar was trading at $1.3057 to the US dollar, or 76.60 US cents at 3:02 p.m. CDT (2002 GMT).
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