ICE Canola Higher with Exports

There was also word of fresh Canadian canola oil sales earlier in the week, which contributed to the increase in price, brokers said.

Experts said strong demand from domestic crushers has been a bullish influence on the market throughout the week.

Talk of fewer than anticipated US soybean supplies, which was expected to be revealed in the USDA’s supply/demand report on Friday, also provided some underlying support for canola futures, traders said.

Malaysian palm oil was stronger in overnight trade, hitting a 29-month high, which helped to buoy canola values.

Advances in the market were limited by a stronger Canadian dollar. Canada’s currency was trading one third of a US cent higher early Thursday.

Soybeans in Chicago traded lower overnight, and that also contributed some downward pressure to canola’s gains, analysts said. Opening calls for soybeans in the North American trading session were steady to lower.

At 08:30 CST, there had been about 5,400 canola contracts traded.

Western barley contracts were unchanged and untraded early Thursday.

Prices are in Canadian dollars per metric ton at 08:30 CST: