ICE Canola Up On Export Demand

"We’re seeing some export business going to China this morning," said a commission house trader. He said domestic crushers were also in the market, with gains in Chicago soymeal and the weaker Canadian dollar helping crush margins improve.

Harvest delays in parts of western Canada were also providing some underlying support to prices, as only light farmer hedges were coming forward, according to the trader. However, farmer selling was expected to pick up on any attempts to take values much higher.

A weaker tone in soyoil and overnight losses in Malaysian palm oil tempered the upside in canola, according to traders. Losses in the outside equity and crude oil markets were also serving to keep some of the fund buying interest to the sidelines.

At 10:42 CDT, about 6,300 canola contracts had changed hands, with intermonth spreading only a small feature.

Western barley futures were holding steady, with ten contracts traded in the nearby October contract.

Prices in Canadian dollars per metric ton at 10:42 CDT: