WINNIPEG, (Manitoba): ICE canola futures surged on Monday to an 11-day high, part of a broader oilseed and grain rally.

With canola prices climbing, selling by commodity funds that had previously pressured the market has dried up, adding to gains, a trader said. March canola added $20.20, or 2.5%, to settle at $827.90 per tonne. The contract rose for the fourth straight session.

March-May canola spread, the most active inter-month spread, traded 6,166 times. US soybean futures climbed, underpinned by concern that drought-damaged crops in Argentina could face more dry weather. Euronext May rapeseed futures rose modestly.

Consultancy Strategie Grains’ forecast for 2023 European Union rapeseed output remains unchanged at 19.5 million tonnes, in line with last year’s estimated volume.