ICE Canadian canola futures climbed on Monday to its highest nearby price since September 2013, driven by weather concerns and technical buying. Weekend rains were disappointing in some areas of Canadian Prairies, a trader said. The patchy Canadian canola crop points to lower yields. July canola rose $9.90 or 2 percent at $513.60 per tonne. The contract climbed as high as $514.70, the highest nearby price since September, 2013.
Most-active November canola added $12.80 to $515.50 per tonne. July-November spread traded 9,780 times. Chicago July soybeans rose on soymeal gains and excessive rains in the US Midwest. Malaysian August palm oil dipped and NYSE Liffe Paris August rapeseed edged higher. The Canadian dollar was trading at $1.2312, or 81.22 US cents at 1:11 pm CDT (1811 GMT), lower than the Bank of Canada's official close of $1.2266, or 81.53 US cents, on Friday.