WINNIPEG -- ICE Futures canola contracts were sharply higher at midday Monday, as advances in outside markets and bullish chart signals provided support.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher.
- North American weather concerns contributed to the gains, with parts of the Canadian Prairies dealing with excess moisture, while a heatwave stressed crops in the Midwestern United States.
- November canola jumped above its 20-day moving average for the first time in three weeks, encouraging additional speculative buying.
- A softer tone in the Canadian dollar was also supportive.
