ICE Canola Weakens Following Soybeans

In addition to the spillover from the losses in soybeans, canola was also pressured by the declines seen in the outside equity and crude oil markets, said a trader.

He said speculative long liquidation was accounting for most of the selling pressure, with a backing away of domestic crusher demand also weighing on values.

However, canola was lagging the soy complex to the downside, with exporter pricing providing some support, according to the trader. He said canola would likely see larger declines later in the session once the business is covered.

The Canadian dollar was weaker on Tuesday, which did help limit the declines in canola, according to market participants.

Activity was on the choppy side, with traders starting to show some caution ahead of the US Thanksgiving holiday on Thursday, which will see the US markets closed while the Canadian markets remain open.

At 10:39 CST, about 6,100 canola contracts had changed hands, with spreading accounting for about 2,400 of the contracts traded.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:39 CST: