ICE canola futures rise for fourth day, boosted by soyoil
WINNIPEG, Manitoba, Aug 17 (Reuters) - ICE canola futures rose on Thursday for a fourth straight day, lifted by strength in soybean oil.
The rally reflected surging prices of vegetable oils that are due to buying by oilseed crushers and commodity funds, a trader said.
November canola RSX3 added $4.50 to settle at $795.20 per metric ton. The contract touched the highest price since July 31.
Canola's gains lagged those of soyoil and European rapeseed despite ongoing concerns about dryness shrinking Canadian yields.
In Saskatchewan, harvest has just begun on canola, with 1% complete, and 74% of cropland is short or very short of moisture, the provincial government said.
November-January canola spread, the most active inter-month spread, traded 4,492 times.
Chicago Board of Trade soybean futures Sv1 advanced on concerns that an expected shift toward hot, dry weather could reduce the upcoming U.S. harvest.
Euronext November rapeseed futures /COMX3 also rose.
*All figures in Canadian dollars unless noted