WINNIPEG, Manitoba--ICE canola futures were moving higher Monday morning, seeing a continuation of Friday's rally as gains in outside markets provided spillover support.
Advances in crude oil underpinned world vegetable oil markets, amid ongoing uncertainty over the war in the Middle East. Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher.
The November canola contract touched overhead resistance at its 20-day moving average of C$788 per tonne.
Speculators were holding a net long position of 69,500 contracts in the canola market as of Aug. 4, according to the latest data from the U.S. Commodity Futures Trading Commission. That was down by about 1,000 contracts from the previous week.
Weather forecasts call for moderate temperatures across most of the Prairies, with rains later in the week in Alberta and Saskatchewan.
