ICE Canola Higher On Exporter Pricing

A canola broker thought there was exporter pricing taking place on business to destinations other than China, which accounted for some of the end user demand.

Sharp gains in US corn and wheat futures were pulling CBOT soybeans higher as well, which added to the firmer tone in canola, according to the broker. He thought there was a general reluctance to sell in the agricultural markets ahead of the US Thanksgiving holiday.

A stronger tone in the Canadian dollar put some pressure on canola values, limiting the upside, said the broker.

Farmer hedges were also capping the gains, although the broker noted that farmers were still looking for better prices and were only selling on a scale-up basis.

At 10:50 CST, about 6,500 canola contracts had changed hands. The January/March spread accounted for the bulk of the trade, with commercials and locals on both sides of the market, according to the broker.

Western barley futures were mostly lower, with only 20 contracts traded by midday.

Prices in Canadian dollars per metric ton at 10:50 CST: