WINNIPEG, (Manitoba): ICE canola futures edged higher on Monday after first touching a fresh nearly two-year low, lifted by modest gains in soybean oil and rapeseed.

Canadian stockpiles are ample and Statistics Canada’s recent canola seeding estimate of 21.6 million tonnes may be conservative, and that sentiment is weighing on prices, a trader said.

Most-active July canola gained $1.20 to settle at $704.60 per tonne. July-November canola spread, the most active inter-month spread, traded 4,961 times. US soybean futures rose in a technical and short-covering rebound.

Euronext August rapeseed futures gained ground, despite a consultancy raising its forecast for the European Union’s crop.