ICE Canola Narrowly Mixed, But Profit-Taking Weighs

ICE Canola Narrowly Mixed, But Profit-Taking Weighs

After climbing higher for most of the past month, a commission house broker said canola was due for a profit-taking correction. He said losses in the outside markets, including the CBOT soy complex, added to the early selling pressure in canola.

Month-end farmer pricing was also putting some pressure on canola prices, as producers were taking advantage of the recent strength of the market, according to the broker.

However, the weaker tone in the Canadian dollar helped temper the declines in canola, with some months eventually managing to turn higher, said the broker. He said firm end user demand also remained supportive, with exporters and domestic crushers buying on a scale-down basis.

At 10:42 CDT, about 10,000 canola contracts had changed hands, with spreading only a small feature. The broker said most of the rolling out of the November contract was now complete, with only a few positions left to move forward or liquidate.

Western barley futures were steady to lower at midsession, with one contract traded. Expectations for generally large feed grain supplies in western Canada were likely putting some pressure on values, according to traders.

Prices in Canadian dollars per metric ton at 10:42 CDT: