ICE ICE Canola Down Following Soy, Positioning Ahead Of StatsCan

"We’re following the product values dime for dime," said a Winnipeg-based canola broker. He said sharp declines in CBOT soyoil were spilling over to weigh on canola, with the weakness in the Canadian dollar helping temper the losses in the Canadian canola market.

Liquidation on both sides of the market was also a feature in canola, as participants were adjusting their positions ahead of Friday’s Statistics Canada crop production update.

The broker said there was a great deal of uncertainty in the market ahead of the report. He said the report should provide a good indication of yields, but the question of how many acres actually made it through the year could be a real "crapshoot."

At 11:22 CDT, about 9,050 canola contracts had changed hands, with intermonth spreading only a small feature.

Western barley futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 11:22 CDT: