ICE canola futures rise despite weakness in rival soyoil
WINNIPEG, Manitoba, Aug 24 (Reuters) - ICE canola futures climbed on Thursday, continuing a lengthy rally despite weakness in soybean oil, a commodity that often sets canola's price direction.
Canola's gains were likely due to commercial buying to cover export sales, along with technical buying, a trader said.
November canola RSX3 added $3.40 to settle at $809.90 per metric ton.
Harvesting of canola is underway in the Canadian province of Saskatchewan, the provincial government said.
November-January canola spread, the most active inter-month spread, traded 2,275 times.
Chicago soybean futures firmed for a second straight session, supported by strong exports and supply uncertainty as hot, dry weather cast uncertainty over U.S. prospects.
Euronext November rapeseed futures /COMX3 lost ground.
*All figures in Canadian dollars unless noted