ICE Canada Review: Canola Up On Strong Crusher Demand

The combination of a weaker Canadian dollar, which was down by about half a cent relative to its US counterpart, and gains in CBOT soyoil helped canola crush margins improve, according to a broker. He said domestic crushers were showing some good demand given the favorable margins.

Routine exporter pricing was also providing some support, although traders were unable to confirm if there was any fresh business taking place.

On the other side, farmers were reluctant sellers, with most producers finished their sales for the year and looking content to wait until after the New Year before doing more marketing, according to a broker.

While some speculative profit taking did come forward to temper the upside, the technical signals were looking relatively supportive and the large fund traders were generally said to be comfortable with their positions for the time being.

About 28,221 contracts traded on Monday, which compares with Friday when an estimated 32,424 contracts changed hands. Spreading was a feature, accounting for 24,148 of the contracts traded.

Western barley futures were untraded and unchanged.

Settlement prices are in Canadian dollars per metric ton.