ICE canola futures up

WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday, continuing a pattern of choppy, sideways trading.

Trading volumes were light and may have contributed to canola’s gains even as rival European rapeseed declined sharply, a trader said. January canola added $9.70 to settle at $894.60 per tonne. Traders said January canola faces resistance at $900, but has found a floor at the 20-day moving average, around $882.

January-March canola spread, the most active inter-month spread, traded 2,856 times.

Euronext February rapeseed futures tumbled more than 2%.

Ukraine’s rapeseed plantings have held up as farmers there prioritized the crop over wheat, analysts said. US soybean futures rose despite concerns about Chinese demand.