ICE Canadian canola futures closed higher on Tuesday in a mostly thin session with farmer selling and scattered crusher interest noted, traders said. January canola closed up $1.50 per tonne at $419.50 and volume totalled 4,345 lots.
Rumours of new business to China and weakness in the Canadian dollar boosted prices. Also of note, Australia's oilseed industry on Tuesday cut its forecast for the domestic 2008/09 canola harvest by 6.9 percent after extreme weather damaged south-eastern crops.