ICE canola up

WINNIPEG, (Manitoba): ICE canola futures rose on Monday, tracking gains in soybeans on concerns about dry conditions diminishing South American soy crops. Canola buying by small speculator investors was also noted, a trader said.

Statistics Canada reports on Tuesday about Dec. 31, 2021 crop stockpiles. Trade expects, on average, canola total stocks of 7.5 million tonnes, down from 13.259 million tonnes a year earlier due to Canadian drought. March canola gained $12.50 to $1,029.50 per tonne.

March-May canola spread traded 6,344 times. Euronext May rapeseed futures also climbed, boosted by soybean strength.