ICE canola futures gain on modest buying

WINNIPEG, (Manitoba): ICE canola futures rose on Monday, lifted by modest buying amid overall lackluster trading volume.

“There’s just nothing going on right now. It doesn’t take much buying to push the market up in these (trading) volumes,” a broker said.

November canola gained $8 to $861.70 per tonne.

Traders expect, on average Canadian canola production of 13.6 million tonnes, down from Statistics Canada’s August estimate of 14.7 million. StatsCan reports on production on Tuesday. November-January canola spread traded 2,760 times. Chicago soybeans dipped as farmers begin harvesting what is expected to be a near-record crop.

Euronext November rapeseed futures and Malaysian November palm oil futures rose.