ICE Canola Follows Other Oilseeds Higher

Overnight gains in Malaysian palm oil and European rapeseed futures, followed by gains in CBOT soybeans and soyoil, helped pull canola higher as well, according to a Winnipeg-based trader.

He said strong crush margins added to the gains in canola, as the domestic processors remain active buyers.

A lack of farmer selling was also supportive, with most producers content to sit on the sidelines until the New Year before making more sales, according to market participants.

Light amounts of profit-taking at the daily highs tempered the upside in canola. Prices were nearing technical resistance levels, said traders.

Spreading was a feature of the activity in canola, as the commodity funds finish up rolling their positions out of the January contract and into March.

At 10:30 CST, about 13,000 canola contracts had changed hands, with spreading a feature as participants were rolling out of the nearby January contract.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:30 CST: