WINNIPEG, (Manitoba): ICE canola futures rose on Thursday, but their gains lagged those of European rapeseed, as the market deemed canola overpriced.

Front-month March canola has also lagged US soybean prices in the past month as investors moved to more moderately priced crops, a broker said.

March canola gained $9.60 to $1,007.10 per tonne. March-May canola spread traded 6,858 times. US soybean futures rallied to a fresh seven-month high on concerns about a smaller South American harvest. Euronext May rapeseed futures also gained ground. The European Commission reduced its forecast of rapeseed imports for 2021/22.