ICE Canola Stronger, But Range-Bound

A canola broker described the activity in canola as quiet and range-bound. Gains in the CBOT soybeans and soyoil were thought to be providing some underlying support in canola.

Ongoing concerns about harvest delays for the remaining 20% of the canola crop in western Canada were also supportive, as conditions were still too wet for producers to make any progress in some areas over the weekend, said traders.

Strong export demand also remained a supportive price influence for canola, although traders couldn’t confirm any fresh business on Monday.

Weather conditions should allow for some harvest progress this week, which limited the upside in canola.

Poor domestic crusher demand was also noted as a bearish price influence, as recent crush data shows that the processors are running well behind the year ago level.

Strength in the Canadian dollar also put some pressure on canola values.

At 10:47 CDT, about 4,000 canola contracts had changed hands, with the Nov/Jan spread a feature of the trade.

Western barley futures were unchanged and untraded at midsession.

Prices in Canadian dollars per metric ton at 10:47 CDT: