News that the United States has lifted import restrictions on canola meal from Cargill’s crushing plant at Clavet, Sask., helped lift canola futures prices.
The U.S. Food and Drug Administration has had an import watch on several Canadian oilseed crushing plants because of salmonella detected in meal shipments.
The restrictions reduced the amount of meal shipped to the United States, resulting in a slower pace of canola crushing. The crush so far this crop year is seven percent smaller than at the same time last year.
With the restrictions lifted, the giant Cargill plant will be able export freely.
January canola settled Tuesday at $415.10 per tonne, up $2.50 from Monday on a volume of 9,177 contracts.
March rose $3.20 to close at $422.70 per tonne on a volume of 7,279 contracts.
The Bank of Canada at noon Tuesday said the Canadian dollar was worth 94.30 cents US, down from 95.14 cents Monday. The U.S. dollar was worth $1.0604 Cdn.
The Winnipeg January barley contract rose $1 to $161 per tonne with 37 trades. March rose $1.20 to $161.50 per tonne with seven trades.
Chicago January soybeans fell nine cents to $10.44 US per bushel.
A major snowstorm in the U.S. Midwest was expected to halt the tail end of harvest.
The U.S. Department of Agriculture will release production and stocks estimates Dec. 10. Analysts expect the USDA will lower
