ICE canola futures reach near six-week high on US delays

WINNIPEG: ICE canola futures rose on Tuesday to a nearly six-week high for a nearby contract, boosted in sympathy with US grains and oilseeds that climbed on concerns about delayed US planting.

* There are few bullish factors directly for canola, a trader said. Planting in Western Canada is going smoothly and China's ban on importing Canadian canola continues.

* July canola added $5.10 to $450.90 per tonne. The contract's intraday high moved it nearly to its 50-day moving average.

* July-November canola spread traded 6,747 times.

* Chicago July soybeans climbed as heavy rains worsened planting delays for soy and corn across key US Midwest growing areas.

* Paris Matif August rapeseed futures and Malaysian August palm oil futures also rose.

* The Canadian dollar weakened against its US counterpart on Tuesday as the greenback broadly climbed, but the loonie stayed within its recent range ahead of a Bank of Canada interest rate decision on Wednesday.

* The US Department of Agriculture's (USDA) weekly crop progress report should show that farmers were able to plant 63% of their intended corn acres as of Sunday, according to the average estimate in a survey of 14 analysts on Tuesday.

* Rising costs drove down Canadian farm income by 21 percent last year, Statistics Canada said.