WINNIPEG, (Manitoba): ICE canola futures rose on Monday, lifted by short-covering and stronger rapeseed and soybean oil prices.
With technical-following commodity funds holding significant short positions, the November canola contract has major upside if it can establish prices above the 100-day moving average around $721, a trader said.
Most-active November canola gained $16.50 or 2.3% to settle above that level at $721.60 per metric ton. July-November canola spread, the most active inter-month spread, traded 4,029 times. Euronext August rapeseed futures led the way higher among oilseeds and vegetable oils on a percentage basis.
Chicago soybeans pared early gains as milder temperatures and crop-boosting rains in parts of the US Midwest over the weekend tempered some worries about drought-reduced yields.
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