ICE canola futures rise

WINNIPEG, (Manitoba) ICE canola futures rose on Monday with European rapeseed and US soybean oil.

Canola prices are supported because Canadian farmers are selling little to commercial markets and funds, who follow technical indicators, have let up on selling, a trader said. March canola gained $1.90 to settle at $833.50 per tonne. March-May canola spread, the most active inter-month spread, traded 4,461 times. Euronext May rapeseed futures also gained ground.

US soybean futures weakened on a technical setback after rallying to the high end of recent trading ranges last week. Statistics Canada will release on Tuesday its estimates of Canadian crop stocks as of Dec. 31, 2022. Trade expects, on average, canola stocks of 11.7 million tonnes, up from 8.8 million a year earlier.