ICE Canola Stronger, Lack Of Farmer Selling Supportive

With the canola harvest nearing completion in many areas of western Canada, farmer selling is also slowing down, said a canola broker. He said most producers had covered their cash flow needs for the time being, and were now waiting for higher prices.

Exporters, crushers, and commodity funds were all noted buyers, according to the broker. He said technical-based buying was adding to the strength in canola, as the chart signals were starting to point higher.

The surging Canadian dollar limited the upside in canola, according to the broker. The currency was trading above 97 US cents on Wednesday, making canola less attractive to exporters and domestic crushers. Expectations for a large canola crop, despite delays to the last stages of the harvest, also kept the advances in check.

At 11:01 CDT, about 10,100 canola contracts had changed hands, with the Nov/Jan spread a feature.

Western barley futures were steady to higher with 155 contracts traded by midsession. Gains in CBOT corn accounted for some of the underlying strength in barley.

Prices in Canadian dollars per metric ton at 11:01 CDT: