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ICE canola futures rose to their highest level in more than a month on February 23, with the front-month contract reaching its strongest point since January 19. Most-active May canola settled at C$831.90 per tonne, and gains in Chicago soybean futures supported the move.
Chicago May soybeans settled up 21.75 cents at $15.44 a bushel.
Stronger soybean futures lift the oilseed complex, and canola's rise suggests firmer demand sentiment. The move is a short-term technical bounce with no new supply shock behind it.
brecorder.comReutersFeb 23, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
