ICE Canadian canola futures rose on Tuesday for the fifth straight session, its longest nearby winning streak since May, supported by short-covering and concerns about the crop in dry Alberta. Alberta government said late on Friday that while crop conditions had stabilised, only 25 percent of the province’s canola was in good or excellent condition.
Funds seen on sidelines, holding a large long position. Fund selling helped drive prices down in late July. November canola gained $4 to $506 per tonne. January canola tacked on $3.10 to $503.20 per tonne.
November-January spread traded 1,627 times. Chicago August soybeans eased, but deferred months rose on bargain-buying and worries about dry areas of the US Midwest. Malaysian October palm oil and NYSE Liffe Paris November rapeseed rose.
The Canadian dollar was trading at $1.3162, or 75.98 US cents at 12:59 pm CDT (1759 GMT), down from Friday close of $1.3080, or 76.45 US cents.