ICE Canada Edges Higher with Demand

CBOT soybeans managed to recover from losses, and closed higher in overnight traded, providing a firm base for canola values, experts said. Early calls for CBOT soybeans for Wednesday’s North American day session were higher, thanks to ongoing dry conditions in South America.

Market watchers said continued strong demand from domestic crushers was helping canola prices move higher.

A weaker Canadian dollar was adding to the bullish tone of the market.

Advances were limited, as both Malaysian palm oil and European rapeseed were lower in overnight trade.

Year-end profit taking and spill-over selling from other markets is likely to limit any gains that canola is able to make through to the New Year, analysts said.

At 08:30 CST, there had been about 1,400 canola contracts traded.

Western barley futures were unchanged and untraded early Wednesday.

Prices in Canadian dollars per metric ton at 08:30 CST: