ICE Canola firmer; gains driven by strong CBOT soy 

Canola contracts on the ICE Canada futures market were traded at a firmer price level at midday Monday (Jan 4), with much of the upward price momentum being encouraged by the strength displayed by the CBOT soy complex.

The early advances in canola were fuelled by the gains seen overnight in e-CBOT soy and Malaysian palm oil, brokers said.

The additional strength in the canola market came from light, routine exporter pricing as well as improved crush margins, which has stimulated demand from domestic processors, traders said.

However, the upside in canola was being limited by the strong Canadian dollar and the absence of fresh export demand, brokers said.

There were an estimated 4,766 canola contracts traded at 11:36 a.m. EST. Out of all the contracts traded, 1,950 were spread related.