ICE canola nears three-week high before November contract retreats
All figures in Canadian dollars unless noted
Sept 23 (Reuters) -Nearby ICE canola futures pulled back on Monday after rising to their highest level in about three weeks amid borrowed strength from a nearly two-month high in U.S. soyoil futures, traders said.
November canola RSX4 finished $1.60 lower at $587.30 per metric ton after reaching its highest price since Sept. 3 at $600.90.
Deferred contracts still finished stronger, with January canola RSF5 ending up $1.60 at $600.70 per ton after reaching its highest level since Sept. 3.
The setback in November canola was a turnaround from bull spreading that was a feature in the market last week, when the November contract narrowed its discount to the January contract.
Traders will watch for farmer selling after January futures closed above $600, seen as a target price for some growers.
On the Chicago Board of Trade, December soyoil BOZ24 reached its highest price since July 26. The contract settled up 0.48 U.S. cent at 41.84 U.S. cents per pound.
Malaysian palm oil FCPOc3 rose about 1%, while Euronext November rapeseed futures COMX4 jumped 2.7%.
Reporting by Tom Polansek; Editing by Shounak Dasgupta
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