ICE Canadian canola futures climbed to a one-month high on Tuesday on spillover support from a firmer Chicago soyabean market, although a stronger Canadian dollar limited gains. May canola rose $1.70 to settle at $526.50 per tonne. July canola gained $1.60 to $532.00 while November added $1.00 to $519.50 a tonne.
Recent gains have blunted export interest, a trader said. Chicago Board of Trade soyabean futures climbed on Tuesday in a modest rebound from the prior session's declines. The market remains underpinned by a US government forecast for fewer soyabean acres this year compared with a year ago.
The Canadian dollar strengthened to a one-week high against the greenback as oil and stock prices steadied and investors weighed potential progress toward a NAFTA trade deal. NYSE MATIF May rapeseed advanced while Malaysian May crude palm oil fell.