ICE Canadian canola futures rose on Tuesday, following US soybeans and European rapeseed higher, traders said. Hot, humid weather helping most crops develop in Manitoba. Weather seen as neutral market factor. Thin volume early of less than 500 contracts traded. Volume on Monday was just 4,297 contracts with US markets closed, lightest in two months.
November rose $4.40, or 0.8 percent, to $558.50 on volume of 402. Technical indicator 14-day RSI around 36, close to indicating oversold conditions. July in delivery mode ahead of expiry July 14, did not trade early. Traders see canola up $3 to $5 at Chicago Board of Trade open. CBOT November soybeans gained 11-3/4 US cents per bushel to US $13.24-1/4 in European trading, rising with corn and wheat.
MATIF November rapeseed rose 1.3 percent as of 8:16 am CDT (1316 GMT). Canadian dollar was trading at $0.9610 to the US dollar, or US $1.0406, little changed from Monday's North American session close at $0.9608 versus the US dollar, or US $1.0408. NYMEX crude oil rose 1.4 percent to US $96.31 per barrel on a higher forecast for 2012 oil prices from Barclays Capital.
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