ICE canola ends higher for third session; sets two-week top
All figures in Canadian dollars unless noted
Aug 27 (Reuters) -ICE canola futures rose on Tuesday for a third straight session, following strength in allied U.S. soybean futures and shrugging off pressure from a surging Canadian dollar, which tends to make canola less competitive globally.
ICE November canola RSX4 settled up $9.30 at $599 per metric ton after touching $606.60, its highest since Aug. 9. The contract has rallied since notching a life-of-contract low at $561.40 on Aug. 19.
Ahead of Statistics Canada's model-based crop production estimates due on Wednesday, analysts surveyed by Reuters on average expected the government to project the 2024 canola harvest at 19.217 million tons. The figure would surpass the 2023 crop of 18.328 million tons.
The canola harvest has begun in the central and eastern regions of Manitoba, the provincial government said in a weekly crop report. GRO/MBA
Traders are digesting the impact of the end of a rail labor stoppage that threatened to disrupt North America's agricultural supply chain. It will likely be weeks before the rail network fully recovers from the work stoppage, the Canadian Pacific Kansas City railway has said.
Chicago Board of Trade soybean futures SX24 rose on Tuesday as the market monitored a heat wave in the central United States and the U.S. Department of Agriculture lowered its weekly soybean condition ratings. SOY/C
Euronext November rapeseed futures COMX4 rose 0.8% and Malaysian palm oil FCPOc3 were nearly unchanged on Tuesday. POI/
The Canadian dollar CAD= strengthened to a five-month high against its U.S. counterpart ahead of domestic GDP data this week that could guide bets on Bank of Canada rate cuts. CAD/
Reporting by Julie Ingwersen in Chicago; Editing by David Gregorio
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