WINNIPEG, Manitoba--The ICE Futures canola market settled sharply higher on Monday, taking some direction from the Chicago soy complex.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher to start the week.
- 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.