ICE Canola Up, CBOT Soybean Gains Helpful

Early support in canola came from the overnight gains in Malaysian palm oil and European rapeseed. Gains in global crude oil futures were also viewed as supportive for canola.

Contributing to the upward price action in canola were the advances in CBOT soybean and soyoil futures, brokers said.

Weather outlooks calling for a potential frost in central and northern Alberta later this week also provided some underlying support.

However, crop conditions for harvest activities across much of western Canada remain favourable and that was seen tempering some of the upward price movement, brokers said. Strength in the Canadian dollar was also an undermining price influence.

Some minor support in canola also came from light exporter pricing of old business an steady demand from domestic processors.

Some position evening ahead of Wednesday’s grain stocks in all positions report from Statistics Canada was a feature of the activity.

Statistics Canada releases its estimates for grain and oilseed stocks, as of July 31, on Wednesday.

There were an estimated 2,545 canola contracts traded at 10:27 CDT. Of the contracts traded 218 were spread related.

There were 40 western barley futures traded as of 10:27 CDT. The absence of demand, the ongoing harvest in western Canada and abundant alternative feed supplies helped to put some barley contracts on the defensive, brokers said.

Prices in Canadian dollars per metric ton at 10:27 am CDT: