ICE Canola Narrowly Mixed, Consolidating

On the one hand, wet weather continues to cause harvest problems across much of western Canada. The excessive moisture was leading to concerns about potential downgrades in quality and frost damage, as frost becomes more likely moving through September.

Technical signals were also providing some support to canola, as prices neared the low end of their recent range, according to traders.

However, the large carry-over canola supplies reported by Statistics Canada earlier in the week were helping ease some of the concerns about the current crop, said traders.

Calls for a weaker start in the CBOT soy complex were also putting some downward pressure on canola, according to market participants.

The Canadian dollar was holding relatively steady Friday morning, providing little direction for canola. However, the currency has strengthened sharply over the past week, which was bearish for canola overall.

About 520 canola contracts had traded as of 8:37 CDT.

Western barley futures were untraded and unchanged Friday morning.

Prices in Canadian dollars per metric ton at 8:37 CDT: