ICE Canola Finds Small Support From CBOT Soy Gains

Activity was described as quiet with volumes confined to the nearby November, January and March contracts.

Some of the support seen in canola came from the firmness seen in international vegetable oil markets overnight. Exporter pricing of old business, weather uncertainty and the slow pace of farmer deliveries into the cash pipeline also helped to provide a firm price floor for canola, brokers said.

Much of the support coming from the weather was related to the predictions of an early frost, traders said.

A pull-back in the value of the Canadian dollar early Friday was viewed as supportive for canola, although most analysts feel the appreciation of the currency towards parity with the US dollar will resume in the very near future.

Additional support in canola was being linked to steady Chinese demand given the strong bookings of Canadian canola for August, traders said. Total canola shipments to all destinations through to the end of August are reported at 348,000 metric tons by the port authorities.

The upside in canola was being restricted by profit-taking and some light technically based liquidation orders from a variety of market participants.

There were an estimated 2,615 canola contracts traded at 10:35 CDT.

There were 11 western barley futures traded as of 10:35 CDT. Light commercial buying offset light commercial offerings to leave values mostly steady, brokers said.

Prices in Canadian dollars per metric ton at 10:35 am CDT: