WINNIPEG, Manitoba--The ICE Futures canola market settled sharply higher on Monday, taking some direction from the Chicago soy complex.

- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher to start the week.

- North American weather concerns contributed to the gains, with parts of the Canadian Prairies dealing with excess moisture, while a heatwave stressed crops in the Midwestern United States.

- November canola jumped above its 20-day moving average for the first time in three weeks, encouraging additional speculative buying.

- A softer tone in the Canadian dollar was also supportive.

- There were 66,686 contracts traded on Monday, which compares with Friday when 11,919 contracts changed hands.

Spreading accounted for 30,626 of the contracts traded.

Settlement prices in Canadian dollars per metric tonne.

Price Change Nov 757.20 up 17.50 Jan 766.10 up 18.30 Mar 771.30 up 17.40 May 772.60 up 16.40

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

Months Prices Volume Nov/Jan 6.60 under to 9.00 under 10,387 Nov/Mar 11.00 under to 14.20 under 125 Nov/May 11.40 under to 15.40 under 8 Nov/Jul 12.60 under to 13.50 under 4 Nov/Nov 32.50 over to 28.40 over 1 Jan/Mar 4.10 under to 6.00 under 3,213 Jan/May 4.50 under to 6.50 under 45 Mar/May 0.10 under to 2.20 under 1,342 Mar/Jul 1.00 over to 0.60 over 10 May/Jul 3.00 over to 1.50 over 132 Jul/Nov 44.90 over to 39.90 over 46

Source: Commodity News Service Canada, news@marketsfarm.com