ICE canola climbs most in 3 weeks on US drought fears

30 Jul, 2012

* 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.

COPYRIGHT REUTERS, 2012

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