ICE Review: Canola Up on Export Demand

25.08.2010 13:36 "Agro Perspectiva" (Kyiv) — Canola futures were stronger today, supported by export demand, a lack of aggressive selling pressure and weakness in the Canadian dollar. While no fresh business could be confirmed, the independent strength of the canola market was seen as a sign some export pricing was taking place. «End users want to get some stuff on the books,» said a grain company broker. Some of that demand was tied to improved crush margins, as the combination of a weaker Canadian dollar and stronger soyoil prices boosted the profitability of crushing canola, according to traders. November canola was up $4 at $444.60, while January advanced $4.20 to $448.90. Farmers in Manitoba are starting to move forward with the canola harvest, resulting in some hedge pressure. However, the crops are generally delayed in Alberta and Saskatchewan, and will be harvested later than anticipated. Those harvest delays were also supportive for canola, according to the grain company broker. Some speculative buying interest was noted in the market, as the futures bounced off nearby support levels. However, with declines in most other international financial and commodity markets, the large funds were largely absent from the canola trade. Losses in soybeans and palm oil, along with weakness in the equities and crude oil, weighed on canola values, tempering the upside. Western barley futures were untraded and unchanged on Tuesday. October and December barley closed at $168 and $183.

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