ICE Canola Finds Support From Crusher Demand

The absence of significant farmer deliveries contributed some support to the nearby July and November contracts with most producers concentrating on fieldwork, not marketings, brokers said.

Some small support in canola overnight came from the firm price tone experienced by e-CBOT soybeans.

The upside in canola was being limited by the absence of fresh export demand and the drop off in routine business to Japan because of the ‘Golden Week’ holiday’s in that country, traders said.

Good weather for spring fieldwork and seeding operations across western Canada also tempered the advances seen in canola, brokers said. Producers were expected to make significant planting progress this week amid the improved weather conditions.

The advances in canola were also being tempered by the downward price activity seen in CBOT soybean and soyoil values, brokers said.

Malaysian palm oil and Chinese rapeseed futures also posted declines overnight which further limited the upside price potential in canola.

There were an estimated 4,071 canola contracts traded at 10:58 CDT.

At 10:58 CDT, 5 western barley futures had changed hands.

Prices in Canadian dollars per metric ton at 10:58 am CDT: