ICE Canadian canola futures rose on Wednesday to a three-month high, boosted by a weakening Canadian dollar and soybean strength. Speculators bought canola with the May contract trading above its 100-day moving average, offset partly by commercial hedges, traders said. Chicago soybeans rose on tight US stocks.
Railways are making progress on easing a logjam moving Canadian crops to port, lending canola support, a trader said. But CN Rail's CEO told Reuters he sees grain backlog stretching into 2015. May canola gained $2.40 to $467.90 per tonne. Touched $469.60, the highest nearby price since December. July added $2.30 to $476.90 per tonne. July-November spread narrowed to a November premium of $15.70. Chicago May soybeans gained 13 US cents at US $14.31-1/4 per bushel. NYSE Liffe Paris May rapeseed added 1.3 percent. Malaysian May palm oil rose 1.6 percent. Canadian dollar was trading at $1.1159 versus the US dollar or 89.61 US cents at 12:54 pm CDT (1754 GMT), down from Tuesday's close at $1.1137 to the greenback, or 89.79 US cents.
