WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday for the third time in four sessions, lifted by speculator buying and spread trades against rival soybean oil.

Soyoil trades at a large premium to canola and speculators are buying canola and selling soyoil to take advantage of the difference, a trader said.

Most-active March canola added $12.70 to settle at $852.40 per tonne. January-March canola spread, the most active inter-month spread, traded 5,029 times. Canola prices look to average US$750 per tonne in 2022, dropping to US$630 per tonne in 2023, BMO Economics said in a forecast.

US soybean futures climbed, underpinned by export demand optimism and dry conditions in top exporter Argentina. Euronext February rapeseed futures edged higher. Non-commercial market participants increased their net short position in the week to Dec. 2.