Compared to recent trading volumes, canola trading Friday was considered to be light, brokers said. Statistics Canada releases an intended acreage report on June 23, which most investors were waiting for, analysts said.

A firm Canadian dollar helped to undermine canola futures with the absence of fresh export business being put on the books adding to the downward price slide.

Wet weather conditions in Canada’s grainbelt continue to be a supportive factor for canola. Rain continues to hamper canola growth prospects across the Canadian Prairies. Underlying strength in canola was also attributed to the advances posted in CBOT soybean and soyoil futures, brokers said. Light producer selling as well as steady domestic crusher demand also helped to generate some minor support for canola.

A large percentage of active buyers were commercials, brokers said. There were an estimated 5,905 canola contracts traded at 10:20 am CDT. There was no western barley futures traded as of 10:20 am CDT.