WCE canola futures settled higher

Winnipeg Commodity Exchange canola futures settled higher on Monday after the US soya complex rebounded as harvest advanced and hedges increased, traders said. "Excellent hedge-related offerings all day today really kept our market in check," a trader said.
Canola ended $3.40 per tonne higher to 90 cents lower, with November up $1.40 at $411.40 and January up $1.40 at $422.20. The market opened lower on hedges and in sympathy with the soya complex at the Chicago Board of Trade, traders said.
There were rumours of fresh exporter buying in the market around $409.20, basis November, but some traders thought the buying was from funds and crushers.
Canola values rose as CBOT beans and oils rebounded from early losses. November soyabeans settled 7-3/4 US cents per bushel higher at $8.72-3/4 and December soyaoil was up 0.22 US cent per lb at 36.89 US cents. Harvest weather was unsettled over the Canadian Prairies but sunny, dry weather was forecast for later in the week by Environment Canada.
Early reports of disappointing canola yields helped provide some support, one trader said. In spread trade, 795 November/January traded from $10 to $10.50. Volume was estimated at 8,263 contracts, up from a total of 4,042 on Friday.
In canola options, 20 November $400 puts traded at $10.80. Barley futures continued to find support from what some traders said was commercial buying and others thought was short covering.
October barley ended $2.80 per tonne higher at $174 and December was up $3.40 at $181.40. March set a new contract high of $185. Hedges were seen at $180 per tonne, basis December. Futures prices continue to reflect world prices but are significantly higher than domestic cash prices, a trader said. Volume was estimated at 278 contracts, down from 817 on Friday.
Canada's new agriculture minister told reporters on Monday he would decide by Friday whether to appeal a recent court decision that upheld the Canadian Wheat Board's barley monopoly.
But Gerry Ritz said it was "not an option" for the Conservatives to try to legislate an end to the monopoly, as the court ruling suggested, because the party does not hold a majority in Parliament. Feed wheat futures did not trade on Monday.