ICE Canola Rises with Vegetable Oil

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Published: September 19, 2016

By Dave Sims, Commodity News Service Canada

WINNIPEG, September 19 – Canola contracts on the ICE Futures Canada platform were higher Monday morning, following gains in vegetable oil.

Chicago Board of Trade soybeans were also stronger, which was supportive for canola.

Wet weather across Western Canada has slowed down the harvest, which added to the upside.

Dry conditions in South American have the potential to limit the soybean crop, which was bullish for canola values.

The crush rate is farther along this year, than it was at the same time last year, according to a report.

However, the Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.

Exports are sluggish right now, likely due to uncertainty over whether China will adjust dockage allowances on canola imports, an analyst said.

Harvest pressure was a feature.

About 2,400 canola contracts had traded as of 9:00 CDT.

Milling wheat, barley and durum were untraded.

Prices in Canadian dollars per metric ton at 9:00 CDT:

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