ICE canola futures follow soyaoil higher

WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday, lifted by crusher buying for deferred delivery and strength in soyaoil. January canola gained $2.90 to $1,015.80 per tonne. Flooding and landslides washed out some railway track in British Columbia, halting the movement of commodities to Canada’s largest port, Vancouver.

A trader said the floods looked to be bearish for canola prices. January-March canola spread traded 2,148 times. US soybean futures dipped, but decline kept in check by signs of strong export demand. Euronext February rapeseed futures dipped and Malaysian February palm oil futures rose.