ICE Canola Up On Soybeans, Wet Weather

In addition to the spillover strength from soybeans, a canola trader said harvest delays in western Canada were also underpinning the market. He said recent rains across much of the Canadian Prairies, with more wet weather in the forecasts, were stalling the harvest progress on the canola still waiting in the fields.

Japanese exporter pricing was another supportive factor for canola, according to the trader. He said Japanese buying was evident in the November, January, and March contracts.

Sharp gains in the Canadian dollar limited the upside in canola, according to the trader. The currency was up by more than a cent relative to its US counterpart, making canola more expensive to export buyers and cutting into crush margins.

Steady farmer deliveries also tempered the advances in canola, as producers continue to deliver into the commercial pipeline.

At 10:49 CDT, about 6,700 canola contracts had changed hands, with the Nov/Jan spread a minor feature as commodity funds adjust their positions.

Western barley futures were mixed at midsession, with about 140 contracts traded.

Prices in Canadian dollars per metric ton at 10:49 CDT: