WINNIPEG, Manitoba--ICE Futures canola contracts were up sharply at midday Monday, setting fresh contract highs.
The November contract was up C$17 at C$811.50 per ton at midday. The move above C$800 was bullish from a chart standpoint, encouraging additional speculative buying.
The need to keep a weather premium in the market was supportive, with hot temperatures in the forecast for much of the Prairies for the next week.
Gains in Chicago soybeans provided spillover support, although soyoil futures were softer at midday.
European rapeseed and Malaysian palm oil were also higher, while the Canadian dollar was softer.
