ICE Canola Reluctantly Follows CBOT Soybeans Up

Activity was on the lighter side with participants commenting that there was a "heavy" feel to the market.

The nearby November and January contracts were the most active.

Some early strength in canola came from the gains seen overnight in Malaysian palm oil and European rapeseed contracts, traders said. The advances in canola were amplified by the sharp gains experienced by CBOT soybean and soyoil values at the start of the North American day session.

Concerns about the possibility of an early frost in Western Canada also provided some underlying support to canola, brokers said.

Overnight temperatures were in the single digits (Celsius) once again in Alberta, nearing the freezing mark in some areas, according to Environment Canada.

A small improvement in the domestic crush margin for processors also helped to generate some minor support in canola.

The upside in canola was being offset by the absence of fresh export demand and the strength displayed by the Canadian dollar early Monday, brokers said.

Sentiment that canola production in Canada will be increased in future reports from Statistics Canada also limited the upside price potential in the commodity.

There were an estimated 2,364 canola contracts traded at 10:26 CDT. Of the contracts traded 210 were spread related.

There were no western barley futures traded as of 10:26 CDT.

Prices in Canadian dollars per metric ton at 10:26 am CDT: