ICE Canadian canola futures edged higher on Tuesday, lifted by strength in vegetable oil markets and a weaker Canadian dollar.
Canola halted a three-day skid, underpinned by thoughts that soyabeans are oversold and due for a rally that would take canola higher too, a trader said.
January canola tacked on 80 cents to $452.90 per tonne.
January-March canola spread traded 5,658 times.
Chicago soyabean futures finished higher after falling for eight days in a row.
Euronext February rapeseed futures and Malaysian February palm oil futures rose slightly.
The Canadian dollar was holding near its weakest level since October as investors worried that a US-China trade deal would be delayed.
Statistics Canada is expected to slightly raise its estimate of canola production on Friday to 19.6 million tonnes, according to the average of a poll of 15 analysts and traders.
Comments
Comments are closed for this article.