ICE Canola Corrects Slightly Lower

Trade was light and choppy in canola on the last trading session of the month, according to a commission house broker. He said the weaker tone was tied to the firmer Canadian dollar and the need for some participants to take profits.

After setting fresh contract highs in many months over the past week, "people are waiting for the inevitable correction," said the broker.

Declines in CBOT soybeans and soyoil were also accounting for some spillover selling pressure in the canola market.

The losses in canola were limited by the steady domestic crusher demand underneath the market. The broker said some of the fund participants were also still making purchases.

A lack of significant farmer selling also helped prop up canola values, as producers were largely said to be moving to the sidelines for the time being.

At 10:40 CDT, about 3,600 canola contracts had changed hands, with spreading accounting for about 1,000 of the contracts traded.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:40 CDT: