ICE Canadian canola futures set contract highs on Tuesday, taking their early strength from higher soybean prices and later from speculator buying, traders said. A US Department of Agriculture report lifted soybeans early as it cut estimates for soy production in Argentina and Brazil as well as for world and US soybean ending stocks.
Export demand supported canola, a trader said. Canada canola oil shipments to US surge. May canola added $2.10 at $625.20 per tonne on volume of 8,347 contracts. Set a contract high at 630.50. July canola rose 80 cents to $620.20 per tonne on volume of 9,291 contracts.
New-crop November set contract high of $592.70 despite thoughts of record large Canada acreage this year. May-July spread traded 5,678 times, widening to a May premium of $5.00. July-November spread narrowed to a July premium of $35.20, trading 2,162 times. Chicago May soybeans slipped 5 US cents to US $14.26 per bushel. May soyoil gained 0.26 cent to 56.97 US cents per lb. MATIF May rapeseed gained 0.7 percent. The EU 2012 rapeseed crop is heading for a low level, but up slightly on the year, oilseeds analysts Oil World said.
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