WINNIPEG: ICE Canadian canola futures rose to a three-week high on Tuesday, lifted by rising soyaoil prices.
Recent heat in Western Canada has reduced yield potential for the ripening canola crop, underpinning the market, a trader said.
November canola added $1.70 to settle at $491 per tonne. It touched $492.60, the highest nearby price since August 4.
November-January canola spread traded 4,350 times.
US soyabean futures climbed to their highest in more than six weeks, supported by a government report that showed US crop conditions were worse than expected and rising export demand from China.
Euronext November rapeseed futures rose and Malaysian November palm oil futures dipped.
Statistics Canada on Monday will report its first estimates of Canadian crop production.
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