ICE canola futures up

WINNIPEG: ICE canola futures rose on Monday as an announced production cut by the OPEC+ group ignited crude oil prices and lifted oilseeds. Canola finished well off the day’s highs, however, as weak Canadian export demand overhangs prices, a trader said.

May canola gained $8.50 to settle at $776.40 per tonne, touching a more than three-week high. May-July canola spread, the most active inter-month spread, traded 7,486 times. Chicago soybean and corn futures rallied to their highest in several weeks, supported by concerns over US planting and a jump in crude oil.

Euronext May rapeseed futures also climbed, helped further by consultancy Strategie Grains cutting its forecast for European Union 2023 rapeseed output.