ICE Canola Holds Gains As CBOT Soyoil Remains Firm

Weakness in the Canadian dollar was also being viewed as an underpinning price influence for canola.

Some of the support seen overnight in canola came from the advances posted in e-CBOT soybeans, Malaysian palm oil and European rapeseed futures, brokers said.

"Fresh speculative buying was sparked by the charts, which have now taken a more bullish turn," a broker said.

He said the absence of willing sellers has helped to amplify the upward price movement in canola.

Contributing to the support in canola was steady domestic crusher demand and the pricing of routine export business by commercials, traders said.

The absence of farmer deliveries, with producers concentrating on spring fieldwork and seeding operations, helped to generate some support.

Tight old crop soybean supplies in the US, as reflected in the USDA supply/demand report released Tuesday morning, also stimulated some support in old crop canola futures, brokers said.

The advances in canola were being limited by the mixed price tone seen in CBOT soybean futures and the advancing seeding operations in western Canada. Light bouts of profit-taking by a variety of market participants also limited some of the upward price momentum, brokers said.

There were an estimated 5,065 canola contracts traded at 10:54 CDT.

At 10:54 CDT, 12 western barley future had changed hands. Gains in CBOT corn futures spilled over to generate some minor support in barley, with it only taking a small amount of commercial buying to push prices up in the absence of willing sellers, traders said.

Prices in Canadian dollars per metric ton at 10:54 am CDT: