ICE Canola Higher with Outside Markets

Although there was some rain in Argentina, forecasts in the South American country remain hot and dry. There are concerns the weather conditions will hurt the soy crop, which added to canola’s bullish tone, analysts said.

Statistics Canada’s most recent report showed 11.8 million tons of product in Canada, but strong demand from exporters and crushers will likely still draw year end stocks down towards 1 million tons, brokers said.

Gains were tempered as experts are predicting record acreage for canola in the upcoming crop year, which could produce a record crop in terms of production.

The Canadian dollar was stronger Monday, which also helped restrict canola’s advances, brokers said.

At 08:30 CST, there had been about 3,600 canola contracts traded.

Western barley futures were unchanged and untraded in early trade. Prices in Canadian dollars per metric ton at 08:30 CST: