WINNIPEG: ICE Canada canola futures climbed on Tuesday to a nearly four-week high, pulled up by a larger advance by vegetable oil rival soyoil.
Strength in the soyoil market spurred canola buying by crushers, who process canola into vegetable oil, a trader said.
Canola gained despite Statistics Canada estimating Canadian canola production at 18.3 million tonnes, well above the Aug. 23 estimate of 17 million.
The new report incorporated satellite and other data, not a fresh farmer survey.
November canola gained $8.50 at $469.70 per tonne.
January canola added $8.70 at $476.60.
November-January canola spread traded 5,497 times.
Chicago November soybeans gained on export demand and harvest delays.
NYSE Liffe November rapeseed and Malaysian November crude palm oil also rose.
The Canadian dollar was trading at $1.3225 to the US dollar, or 75.61 US cents at 12:57 p.m. CDT (1757 GMT), lower than Monday's close of $1.3207, or 75.72 US cents.
Timely rains boost Western Europe rapeseed development.
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