ICE Canadian canola futures rose to fresh 29-month highs on Tuesday, as crushers and speculators were buyers and farmer selling slowed, traders said. Canola showed independent strength by rising despite weaker Chicago soyabeans - trader. Crusher buying seen focused on new-crop November, which rose to contract high $563.90. November cheaper than nearby months, but may be where any supply problems emerge - trader.
March ended up $8.40, or 1.4 percent, at $599.80, on volume of 8,107 contracts. May up $8.60 at $607.70, volume 2,594. November up $14.40, or 2.6 percent, at $563.90, volume 3,169. March-May spread traded 1,927 times, settling at $7.90, premium May.
Chicago March soyabeans down 9-1/4 US cents at US $14.13-1/4 per bushel. March soyaoil up 0.28 cent to 57.55 US cents per lb. MATIF rapeseed and Malaysian palm oil were higher. Canadian dollar trading at $0.9917 to the US currency, or US $1.0083, at 1:11 CST (1911 GMT), down from Monday's North American finish at $0.9872, or $1.0130.
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