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WINNIPEG: ICE Canadian canola futures rose on Tuesday, lifted by spillover strength in soyaoil, a rival vegetable oil source.
Canola lagged other oilseeds’ gains, however, with commercials well-supplied after the Canadian harvest, a broker said, adding that a stronger Canadian dollar also weighed on canola.
Most-active January canola added $5.60 to $540.50 per tonne.
January-March canola spread traded 3,623 times.
US soyabean futures climbed on export optimism and a slower-than-expected US harvest pace.
Euronext February rapeseed futures gained, and Malaysian January palm oil futures shot up 3% on expectations of a drop in supplies.