ICE Canadian canola futures closed higher on Tuesday, supported by rallies in outside markets, traders said. January canola ended up $3.60 per tonne at $432.20 after hitting a high of $439.90. Gains were capped by the strengthening of the Canadian dollar against the US currency, which could dent export interest.
CBOT soybeans led market gains, with January ending up 21-1/2 cents at $9.59 a bushel. Gains in crude oil futures amid signs Saudi Arabia was cutting production added support. The Canadian dollar rose to its highest level in three weeks against the US dollar amid talk of interest rate cuts in Europe. Canola volume totalled 8,331 contracts.