Canadian canola futures rise

ICE Canadian canola futures rose on Monday after tumbling to a nearly three-month low on Friday amid ongoing fears about the potential impact an outbreak of coronavirus in China could have on the global economy. Oilseed markets appear to have stabilized and could rise provided coronavirus fears do not suddenly heat up again. The stock market will be the barometer for grain traders, they said, adding oilseeds, including canola, are oversold.

March canola gained $2 to $452.50 per tonne. The contract fell as low as $448.50. March-May canola spread traded 3,760 times. US soyabean and soyaoil futures also closed higher on Monday.