ICE Canola Weakens On Long-Liquidation

Strength in the Canadian dollar accounted for some of the selling pressure against canola, according to a broker. However, he noted that the gains in the CBOT soy complex should be canceling out the movement in the currency. He said the fact that canola was still down, despite the gains in soyoil, was a sign that there was some speculative long liquidation taking place in the market.

The generally favorable crop conditions across western Canada were also weighing on canola values, according to traders.

However, the weather was also supportive for prices as farmers were generally focusing their attentions on spring seeding, rather than marketing of the crop, according to the broker.

Scale-down exporter and domestic process pricing was also providing some underlying support for canola.

At 10:50 CST, about 2,7000 canola contracts had changed hands, with intermonth spreading only a small feature.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:57 CDT: