ICE Canola Up, CBOT Soybean Gains Supportive

Much of the activity was concentrated in the nearby November, January and March contracts. Some position evening ahead of the weekend and month-end was evident and was a feature of the trade, brokers said.

Early support in canola came from the advances seen in the overseas oilseed markets overnight. Gains in global crude oil futures Friday were also considered a supportive price influence.

The reluctance of producers to deliver canola into the cash pipeline provided some support to canola as did the pricing of old export business, brokers said. The need of grain companies to secure canola supplies for an aggressive export program during September was helping to bolster prices.

Friendly chart signals contributed to the support seen in canola as did steady domestic processor demand.

The upside in canola was limited by the lack of a frost forecast in the short term weather outlooks, with the warm temperatures in the forecast seen advancing the maturity of the canola crop across western Canada, traders said.

The stronger Canadian dollar Friday also restricted the upward price action in canola.

Traders also noted there were a "fair" amount of sell orders sitting just above current price levels.

There were an estimated 4,007 canola contracts traded at 10:25 CDT. Of the contracts traded 1,990 were spread related.

There were 134 western barley futures traded as of 10:25 CDT. Of the contracts traded, all were spread related. Activity was mainly a two sided commercial affair. Liquidation selling was linked to the declines seen in October, brokers said.

Prices in Canadian dollars per metric ton at 10:25 am CDT: