WINNIPEG, (Manitoba): ICE canola futures rose on Monday for a third straight session, lifted by short-covering and strength in rival oilseeds. Canola’s gains lagged those of European rapeseed and Chicago soybean oil, as canola looks oversold after a recent rally, and also faced pressure from a stronger Canadian dollar, a trader said.
Oilseeds were supported by a sharp spike in crude oil prices, after Iraq was forced to halt some crude exports from its semi-autonomous Kurdistan region. May canola gained $9.80 to settle at $753.20 per tonne, touching a 10-day high. May-July canola spread, the most active inter-month spread, traded 7,166 times. US soybean futures edged higher, lifted by surging soyoil prices.
Euronext May rapeseed futures jumped 3%, even as a grain trade association on Friday raised its outlook for EU plus Britain 2023 rapeseed production.