WINNIPEG, Manitoba--The ICE Futures canola market climbed to fresh contract highs on Monday, boosted by bullish technical signals and Prairie weather concerns.
--The November contract exceeded C$800 per ton, triggering some stops as speculators added to their growing net long position.
--The need to keep a weather premium in the market was supportive, with hot temperatures in the forecast for much of Western Canada for the next week.
--Gains in Chicago soybeans provided spillover support, with European rapeseed and Malaysian palm oil also up on the day. However, soyoil futures were softer.
--Escalating tensions in the Middle East and in the Russia-Ukraine war kept grain and oilseed markets on edge to start the week, with crude oil trading within a wide range.
