ICE Canola Mainly Higher Early Thursday

Most of the strength in the market came from CBOT soybeans, which continued to trade in a bullish manor in overnight activity, analysts said. Soybeans have been steadily rising since last Friday’s USDA crop report. Higher calls for the CBOT soybeans with the start of the North American day session were also supportive.

European rapeseed and Malaysian palm oil saw slight gains overnight, which added to the market’s friendly tone.

Market watchers said the continued strong demand from the domestic processing sector was providing the market with underlying support.

However, the strength of the Canadian dollar – which was trading near parity with the US greenback early Thursday – was tempering any gains made by canola, analysts said.

Farmer selling has been a common theme, as producers continued their pursuit of finishing up the harvest across the Canadian prairies. Favorable weather conditions have allowed this to happen.

At 08:40 CDT, there had been about 1,400 canola contracts traded.

Western barley futures were untraded and unchanged at 08:40 CDT.

Prices in Canadian dollars per metric ton at 8:40 CDT: