ICE Canola Pushes Higher

Market watchers said despite the rising cost of canola seed, crush margins are still rising, meaning there is still room for canola to climb higher.

Gains by e-CBOT soyoil, Malaysian palm oil, and European rapeseed helped propel canola values as well, brokers said.

The Canadian dollar was weaker this morning, helping underpin the market.

Advances were tempered by a lack of farmer selling, as most producers have finished their sales for 2010, and are waiting for the New Year to resume marketing their product, analysts said.

Profit taking, ahead of the holidays, is also restricting canola’s gains. ICE Canada futures will be closed Friday, December 24 and Monday, December 27.

At 08:30 CST, there had been about 2,600 canola contracts traded.

Western barley contracts were unchanged and untraded early Tuesday.

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