WINNIPEG: ICE Canada canola futures scored their biggest percentage increase in more than three weeks on Monday, following US grains higher as weather forecasts for the next week looked hot and dry in the drought-ravaged US Midwest.
* Canola's gains lagged Chicago soybeans and corn for much of the session, before roughly matching them later, likely on fund buying and exporter demand -- traders.
* November canola added $15.70 or 2.6 percent -- the biggest percentage rise in three weeks for a nearby contract -- to $623.60 per tonne on light volume of 7,618 contracts. The contract touched a six-day high of $624.
* January gained $16.10 to $626.30 per tonne on volume of 3,124.
* November-January spread widened to a January premium of $2.70, trading 1,618 times.
* Chicago Board of Trade August soybeans rose 41-1/2 US cents or 2.5 percent to US$17.25-3/4 per bushel.
* MATIF August rapeseed added 1.9 percent, while Malaysian August palm oil gained 2.7 percent.
* Canadian dollar was trading at $1.0018 against the US dollar or 99.82 US cents at 2 p.m. CDT (1900 GMT), up from Friday's close at $1.0044, or 99.56 US cents.
* US light crude oil settled down 0.4 percent at US$89.78 per barrel.
* US crops keep shrinking in historic drought.
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